Global Cryptocurrency Market to Grow at a CAGR of 17.10% During 2024-2032, Driven by the Increasing Awareness and Adoption of Digital Currency as a Modes of Payment

North America holds a significant market share due to high consumer awareness of cryptocurrencies and high per capita income, which is beneficial for investment purposes. As the USA is the largest economy globally, the region has the presence of leading companies. Bitcoin and other digital assets are being used by a growing number of businesses globally for a variety of operational, transactional, and investment reasons.

The rise in popularity of cryptocurrencies in recent years can be largely attributed to their accessibility. Crypto trading is now offered by more brokers than ever before, whereas it was previously limited to a small number of online platforms like Robinhood, but the expansion of fintech has accelerated the cryptocurrency market growth.

The popularisation of digital assets supports the market expansion. In January 2023, the newest development in the SEC's approval of 11 spot bitcoin ETF applications from both traditional financial and crypto-forward financial providers pushed the worldwide shift towards digital assets. The Digital Assets Council of Financial Professionals (DACFP) reports that over 50% of financial advisors in the US individually own bitcoin.

ETFs are expected to make cryptocurrency accessible to millions of new investors and further solidify their status as a mainstream asset by providing investors with a familiar and easy option to purchase spot cryptocurrency. The approval of 11 spot bitcoin ETFs by the SEC, 8 of which have partnerships with Coinbase (NASDAQ: COIN), is anticipated to contribute to the growth of the crypto economy. Over USD 16 trillion in assets are entrusted to the 11 institutions that were authorised to provide spot bitcoin ETFs. They envision several ways that cryptocurrency might help their clients, from diversifying portfolios to mitigating the effects of monetary and fiscal expansion.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Analysis by Offering, Process, Type, End-User Industry, and Region:

• The market, on the basis of offering, can be divided into hardware and software.

• Based on process, the market can be divided into mining and transaction.

• The different types of cryptocurrency include Bitcoin, Ethereum (ETH), Tether (USDT), Ripple (XRP), Binance Coin (BNB), and USD Coin (USDC), among others.

• On the basis of end-user industry, the market is categorised into trading, banking, real estate, and retail and ecommerce, among others.

• The major regional markets for cryptocurrency include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The introduction of new payment technologies, including tokenisation, encryption, and programmability to ensure digital currency safety is expected to aid the cryptocurrency market demand in the forecast period.

• The increasing awareness and adoption of digital currency as a mode of payment creates opportunities for the market. According to reports, by 2024, 40% of US retailers plan to accept cryptocurrency payments, which has the potential to greatly increase the usefulness and adoption of digital assets.

• Due to technological advancements, cryptocurrencies that make payments efficiently and cost-effectively are used in cross-border payments.

• Governments’ emphasis on regulating cryptocurrency to promote security and investment by leading organisations drives the market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the global cryptocurrency market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the offerings, processes, types, end-user industries, and major regions of cryptocurrency.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global cryptocurrency market are Nvidia Corporation, Bitmain Technologies Holding Company, Advanced Micro Devices, Inc, Xilinx, Inc., Intel Corporation, Coinbase Global, Inc., Bitfury Group Limited., ConsenSys Software Inc., Salad Technologies, AlphaPoint Corporation, and Trezor Company s.r.o., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.