30-Aug-2022 | Facts and Factors
According to Facts and Factors,the global bitcoin market size was worth USD 218.90 million in 2021 and is estimated to grow to USD 839.05 million by 2028, with a compound annual growth rate (CAGR) of approximately 25.10% over the forecast period. The report analyzes the bitcoin market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the bitcoin market.
Bitcoin is not a global currency; making international payments is more cost-effective and productive. With data, encryption is used to safeguard financial transactions, keep track of the growth of new units, and transfer considerable amounts of assets. Bitcoin is digital or virtual money that uses cryptography and is intended to function as a medium of exchange for confirmed and safe transactions. It is a technology that permits secure and verified transactions through a distributed ledger used as a platform for record-keeping. The technology behind bitcoin appears to be a breakthrough with the potential to significantly alter the markets for capital and other financial services. Banks are motivated to seize the chance to lower transaction costs and process paper volume. Bitcoin has the potential to help banks save billions of dollars by drastically reducing operational costs.
Browse the full “Bitcoin Market Size, Share, Growth Analysis Report By Wallet Type (Software Wallets, Hardware, Online Wallets, Paper Wallets), By Application (International Transactions, Private Transactions, Payments & Buying), By End User (Large, Small, and Medium Enterprises), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/bitcoin-market
One of the main factors driving market expansion is low cost, ownership, quicker, and safer operations. Additionally, it is anticipated that low exchange rates, interest rates, and other fees will support the sector's expansion. Additionally, rising investment in blockchain technology due to the increased use of bitcoin in industrialized nations and the growing demand for safer cross-border transactions present enormous development prospects for market participants.
The global bitcoin market is segregated based on wallet type, end users and applications, and region. Based on wallet type, the market is divided into software wallets, hardware, online wallets and paper wallets. Among these, the hardware segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on applications, the market is classified into international transactions, private transactions, payments and buying. In 2021, the payments category will dominate the global market. The market is classified into large, small, and medium enterprises based on end users. The large enterprise segment will hold a significant share in the market in 2021.
The global bitcoin market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific is anticipated to have a dominating position in the global market for bitcoin in 2021. It is projected that the widespread use of cryptocurrencies would drive market expansion. Additionally, the region's growing understanding of digital currency and the proliferation of businesses that accept them as payment fuels the expansion of the market sector. Additionally, some businesses are working together to offer their clients various services. Furthermore, as the market's need for mining pools grows, so does the market's need for sophisticated mining equipment.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 218.90 Million |
Projected Market Size in 2028 |
USD 839.05 Million |
CAGR Growth Rate |
25.10% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Airbitz, ANX, Avalon Life S.A., BitGo, BitPay, BitPesa, Bitstamp Ltd., BITWAGE INC., Bitwala, Blockstream Inc., Circle Internet Financial Limited, Coinbase, Coinify ApS, Ethereum Foundation, nChain Group, Nvidia Corporation, R3 Consortium (Ripple), Uphold Inc., Xapo Inc, and Others |
Key Segment |
By Wallet type, Application, End User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Key players in the global bitcoin market include Airbitz, ANX, Avalon Life S.A., BitGo, BitPay, BitPesa, Bitstamp Ltd., BITWAGE, INC., Bitwala, Blockstream, Inc., Circle Internet Financial Limited, Coinbase, Coinify ApS, Ethereum Foundation, nChain Group, Nvidia Corporation, R3 Consortium (Ripple), Uphold, Inc., and Xapo, Inc.
Recent Development:
- January 2022, Hut 8 Mining Corp. announced that they had acquired the cloud and co-location data center business of TeraGo Inc. The acquisition comprises five data centers in Canada, including a complete selection of scalable cloud services. Thus this will help the company to expand its business and customer base in the market
- August 2021, Mining Technologies Inc. announced that they had acquired the three validators securing the Ethereum Proof-of-Stake blockchain. These three Eth2.0 validators are cloud-based and operational. Thus, the acquisition will help the company save fees and weeks of staking rewards, helping company growth.
Global Bitcoin Market is segmented as follows:
By Wallet type
- Software Wallets
- Hardware
- Online Wallets
- Paper Wallets
By Application
- International Transactions
- Private Transactions
- Payments,
By End User
- Individual
- Large Enterprises
- Small & Medium Enterprises
- System & Software
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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