The market value of Bitcoin technology will reach $477 million in 2025, mainly due to payment and market penetration

According to BlockBeats, the global Bitcoin technology market was valued at $293 million in 2019 and is expected to reach $477 million by 2025, with a compound annual growth rate (CAGR) of 8.3% during the forecast period of 2020-2025. The actual size and nature of the Bitcoin market depends mainly on the transaction volume. In 2018, the global Bitcoin technology market was valued at $273 million. Bitcoin has grown rapidly in the past few years due to zero inflation.
Compared to using credit and debit cards, Bitcoin payments have lower transaction fees. As small and medium-sized enterprises have limited budgets, Bitcoin has an advantage here. Receiving Bitcoin is free, and wallet users can control the payment amount when spending. The higher the fee, the faster the transaction confirmation.
The commercial payment method has made the prospects of Bitcoin continue to heat up. In October 2019, data from IC0 Data showed that as of 2019, about 15,558 companies in the world accepted Bitcoin, with Slovenia topping the list, accepting Bitcoin payments in 314 businesses.
Furthermore, regulatory liberalization has played a crucial role in the widespread adoption of Bitcoin. On April 1, 2017, the Japan Financial Services Agency enacted a new law authorizing the use of digital currencies as a form of payment, essentially giving it the same legal status as any other currency. Bitcoin is officially classified as a pre-payment instrument.
Source link: https://apsters.com