Competitors in the Market • Bitfinex, • BitPay Inc, • Bitfury Group Limited, • Unocoin Technologies Private Limited, • OKEx, • Bitstamp, • Coinbase Inc., • Circle Internet Financial Limited, • Ripple Labs Inc., • BitGo, • Other Prominent Players
The global bitcoin market size was US$ 755.1 million in 2021. The global bitcoin market is forecast to grow to US$ 5471.3 million by 2030 by registering a compound annual growth rate (CAGR) of 29.1% during the forecast period from 2022 to 2030.
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Bitcoin is a digital currency that allows transactions to be made without the use of a central bank. Bitcoins can be used to purchase goods and services from vendors as a form of payment. The network’s peer-to-peer technology can be utilized to execute business transactions amongst bitcoins. Because they are open source, their structure and regulations are accessible to everybody. Traditional currencies are managed by the central bank, but bitcoins are managed by an internet community rather than by any government.
Factors Influencing the Market
Bitcoin transactions are established on the blockchain and cryptographic principles. Bitcoin lowers the cost of ownership significantly, and transactions are considerably faster and more reliable. These factors are expected to boost the growth of the global bitcoin market. Furthermore, the bitcoin market is expected to grow during the study period due to minimal exchange rates, interest rates, etc.
By removing the need for centralized intermediate processing, distributed ledger systems enable a decentralized manner of paying for a digital currency system. Financial transactions can be tracked using distributed headline technology. It generates digital money and allows for virtual tracking and trade of any value. Thus, all of the aforementioned factors will escalate the growth of the global bitcoin market during the forecast period.
Bitcoin’s prospects are steadily gaining traction in commercial payments. The study from ICO revealed that nearly 15558 businesses around the world were accepting Bitcoins, with Slovenia having the most in 2019. Thus, such events depict the potential scope of bitcoin during the forecast period. On the flip side, a lack of regulations and instability may hamper the growth of the global bitcoin market during the forecast period.
COVID-19 Impact Analysis
Coronavirus brought a devastating pandemic with it, as the World Health Organization declared. It drove investors to panic and had an influence on financial markets all around the world. The bitcoin industry was also impacted by the pandemic as consumers felt the decline in purchasing power. However, Bitcoin, one of the most popular cryptocurrencies has promoted the use of cryptocurrencies such as Bitcoin. Due to the lifestyle changes brought on by the coronavirus outbreak, there is a growing interest in digital assets.
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The Asia-Pacific Bitcoin market is forecast to record a significant growth rate. The growth of this market is attributed to the presence of major mining enterprises in the region. China is considered to be the region’s largest bitcoin market during the study period.
The global bitcoin market segmentation focuses on End-User, Application, and Region.
By End User:
• Media & Entertainment
• Hospitality Type
• Peer-to-Peer Payment
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● North America
o The U.S.
▪ Western Europe
o The UK
o Rest of Western Europe
▪ Eastern Europe
o Rest of Eastern Europe
● Asia Pacific
o Australia & New Zealand
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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