The cryptocurrency market is projected to grow at a compound annual growth rate (CAGR) of 7.2% from 2022 to 2030. report By research and market.
The report attributes the growth to a number of factors, including increased acceptance of digital currencies, changes in financial regulations, and new opportunities in both developed and emerging markets.
According to R&M, one of the main factors driving the growth of the cryptocurrency market is the high level of remittances in developing countries. Using cryptos for cross-border transfers would provide a more efficient and lower-cost method of cross-border payments while eliminating the need for third parties such as banks and credit card companies, according to the report. .
Venture capital investments are also entering the cryptocurrency industry, with new developments and innovations taking place in the field. This is evident in light of companies and industries that are increasingly accepting digital currencies, such as retail giant Walmart.
“For example, the U.S. Patent and Trademark Office has filed a patent for retail giant Walmart to use digital coins integrated with fiat currency to enable faster and cheaper transactions,” it said.
The report states that despite growing popularity and adoption, cryptocurrencies still face growth barriers, including regulatory uncertainty, lack of awareness, and concerns over security controls and privacy.
Overall, the global cryptocurrency market shows strong growth potential due to increasing adoption and acceptance of digital currencies, reports R&M.