Could The Market Reach $1.4 Billion By 2024
Growth for cryptocurrency market will be realised at a compound annual growth rate of just over 6% as it reaches a valuation of $1.40 billion by the year 2024. Reports have submerged by different news outlets that suggest the crypto market could be driven by a stronger and more distributed ledger technology which improves the transparency of its systems, along with growing remittances in the always developing the world. However, the regulatory pressures are uncertain and so growth could be quite slow
As digital currencies slowly but surely become gain a more mainstream appeal, the need to run and validate a bigger number of transactions will push the demand for crypto mining hardware. Mining hardware is now being offered by multiple mainstream hardware vendors such as NVidia, AMD and Intel. This suggests growth in the sector including some mining specific startups like BItfury, Gatehub and Bitmine emerging into the crypto space.
Apart from hardware, peer-to-peer payments in digital currencies will also grow significantly during the study period. As the value of cryptocurrencies builds up over the years peer-to-peer payments will grow at the highest CAGR till 2024, especially when considering payments for smaller contracts, salaries and donations.
As has been pointed out in recent reports, the APAC region will be the key thing to the digital currency space for growth. It will be holding the biggest share of the digital currency market between 2019 and 2014. The low electricity costs in China and the early adoption boost in Japan will help solidify the regionâs position in the market.
As reported by Blokt:
âChina will be the largest market shareholder among the APAC countries, growing into one of the most significant markets for digital currencies.â
With some of the top crypto mining companies around the globe such as Ebang Communication, Bitmain and Canaan apart from the good weather and low power costs, it will help it retain its status in the region.
âAPAC will not grow at the highest CAGR during the forecast period. The rest of the world (RoW) will grow at the highest growth rate. RoW will grow at highest CAGR, but it will grow without proper regulations, which means that the governmentâs actions could take a huge toll on the businesses.â
The major factors that would restrain the growth of the market are uncertain regulatory status, lack of awareness and technical understanding regarding digital currencies.
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