The compound annual growth rate (CAGR) of the Bitcoin (BTC) technology market could be 8.3% by 2026, according to the ‘Bitcoin Technology Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)’ report. It highlighted that the Bitcoin market has been trending over the years, whose technology market was valued at $273 million in 2018.
“The Bitcoin system was created with the sole purpose of being finite. Thus, without the possibility of issuing excess currency, the threat of inflation comes down to almost zero. This point benefits both the seller and the buyer,” the report noted. Moreover, adoption on a commercial level has been growing, with 15558 businesses accepting Bitcoins worldwide, according to data collected until 2019.
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That said, Slovenia was having the highest business, which has 314 businesses accepting Bitcoin payments. Also, the report praised that regulatory affairs have played “a vital role” in the widespread adoption of BTC, putting as the primary example the use case of Japan’s Financial Services Agency enacting a new law in April 2017, which authorized the use of virtual currencies as a method of payment.
Canada and the US to See the Highest Growth
However, the report, authored by Mordor Intelligence, warned on the following matter: “The hackers have, in particular, exploited the anonymity aspect of Bitcoins, and this was evident in the recent incident, in 2018, where the victims of ransomware had to pay in Bitcoins. Similarly, in…