Bitcoin

Global Bitcoin Payments Market Will Reach $3.7 Billion By 2031

According to Allied Industry Research, the worldwide Bitcoin payments market will reach $3.7 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, with private keys and hardware driving the sector to rise.
Global Bitcoin Payments Market Will Reach $3.7 Billion By 2031 3

According to the study, the primary causes driving development in the industry in the next years are operational demand for efficiency and transparency in payment systems, the increase in data security services, and a spike in demand for remittances in emerging nations. In addition, the study stated:

“Furthermore, increase in demand for bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the bitcoin payments market expansion during the forecast period.” 

According to the report, the private keys segment accounted for three-fourths of the overall Bitcoin payments market share in 2021, and the segment is expected to maintain its dominant position throughout the forecast period, with nearly 20.3% CAGR until 2031, followed by the hardware sector, which is expected to grow 19.8% during the same period.

Global Bitcoin Payments Market Will Reach $3.7 Billion By 2031 4

In terms of constraints and difficulties, the research admits that high implementation costs and a lack of worldwide understanding of the usage of Bitcoin might stymie the sector’s expansion. It stated:

“Distributed ledger technology has spread from cryptocurrency to a wide number of applications in the financial and government industry. However, numerous people and financial & government industries across developing nations such as India, Africa, and Australia are less aware regarding transactions made using bitcoin payment, which hampers growth of the bitcoin payment market across the globe.” 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Coins to Buy Now: Qubetics Sells 200M Tokens to Raise Over $2.7M as Cardano and Avalanche Look to Strengthen Bullish Trend

Best Coins to Buy Now: Qubetics presale raises $2.7M with 200M tokens sold as Cardano…

2 hours ago

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

4 hours ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

4 hours ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

5 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

5 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

6 hours ago

This website uses cookies.