Transparency of financial payments is expected to propel market growth
DUBLIN, January 7, 2022 / PRNewswire / – The “Global Cryptocurrency Market Report 2021: Implications and Growth of COVID-19” the report was added to ResearchAndMarkets.com offer.
The global cryptocurrency market is expected to grow by $ 1.44 billion in 2020 at $ 1.63 billion in 2021 at a compound annual growth rate (CAGR) of 12.9%. The market is expected to reach $ 2.73 billion in 2025 at a CAGR of 13.8%.
The major players in the cryptocurrency market are Advanced Micro Devices Inc., BitFury Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger SAS, Nvidia Corporation, Ripple, Xilinx Inc., Xapo, BitGo, Binance , Coinbase Global Inc., CoinDesk and Bitmain Technologies Ltd.
The cryptocurrency market consists of the sale of digital or virtual currencies by entities (organizations, individual traders, and partnerships) that operate independently of a central bank and use encryption techniques to regulate the formation of their units and verify the transfer of payments.
The main types of cryptocurrency are bitcoin, ethereum, bitcoin cash, ripple, dash coin, litecoin, and others. Bitcoin is a digital currency that uses peer-to-peer technology to facilitate instant payments. The different processes include mining, transactions and offers include hardware, software. Cryptocurrencies are used in commerce, retail and e-commerce, banking, and others.
Stable coins are gaining popularity in the cryptocurrency market. Stable coins are cryptocurrencies tied to a physical asset, such as a government issued currency or a commodity to reduce fluctuations in the cryptocurrency. For example, in 2020 the circulation volume of stablecoins increased by 500%.
In addition, in March 2021, Techemynt, a Indiafinancial services provider, introduced stablecoins backed by the New Zealand dollar to combine the flexibility of the cryptocurrency with the stability of the New Zealand dollar.
In March 2021, PayPal Holdings Inc, a US-based financial technology company, acquired Curv for an undisclosed amount. With this acquisition, PayPal Holdings, Inc strengthens and expands its initiatives to support cryptocurrencies and digital assets. The curve is a Israelcryptocurrency-based security company.
The transparency of financial payments is expected to propel the growth of the cryptocurrency market in the years to come. Digital currencies are created using blockchain technology, which allows multiple entities to keep copies of historical transactions, meaning they are not controlled by a central source.
Centralized systems and human gatekeepers limit the speed and sophistication of transactions while reducing users’ direct control over their money. There is no middleman in digital currency transactions and consumers have the power to stop or suspend transactions and record them in their private ledger.
For example, in July 2021, Tesla, a US-based electric car maker, has started accepting bitcoin as a payment method because of its transparency and unique value. Therefore, the transparency of financial payments is boosting the cryptocurrency market.
Main topics covered:
2. Characteristics of the cryptocurrency market
3. Cryptocurrency Market Trends and Strategies
4. Impact of COVID-19 on cryptocurrency
5. Size and growth of the cryptocurrency market
5.1. Historical global cryptocurrency market, 2015-2020, billion dollars
5.1.1. Market drivers
5.1.2. Market restrictions
5.2. Global cryptocurrency forecast market, 2020-2025F, 2030F, billion dollars
5.2.1. Market drivers
5.2.2. Market restrictions
6. Segmentation of the cryptocurrency market
6.1. Global cryptocurrency market, segmentation by type, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
- Bitcoin Cash
6.2. Global cryptocurrency market, segmentation by process, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
6.3. Global cryptocurrency market, segmentation by supply, history and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
6.4. Global cryptocurrency market, segmentation by end user, history and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
- Retail and e-commerce
7. Regional and national analysis of the cryptocurrency market
7.1. Global cryptocurrency market, divided by region, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
7.2. Global cryptocurrency market, divided by country, historical and forecast, 2015-2020, 2020-2025F, 2030F, in billions of dollars
- Advanced Micro Devices Inc.
- BitFury Group Limited
- Bitmain Technologies Ltd.
- BTL Group Ltd.
- Coinbase Global Inc.
- Coincheck Inc.
- Intel company
- SAS ledger
- Nvidia Company
For more information on this report, visit https://www.researchandmarkets.com/r/t82ndg
Research and markets
Laura Wood, senior
For EST office hours, call + 1-917-300-0470
For USA / CAN call toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
US Fax: 646-607-1907
Fax (outside the United States): + 353-1-481-1716
SOURCE Research and Markets