Analysts from Allied Market Research expect that the volume of payments in bitcoin will grow by an average of 16.3% per year and will reach $3.7 trillion by 2031.
According to the company, in 2021, the volume of payments in bitcoin amounted to $850.55 billion. The growth in acceptance of payments in the first cryptocurrency is driven by the demand for efficient and transparent payment methods, especially in developing countries.
“In addition, demand for bitcoin is expected to increase among banks and financial institutions and the acceptance of payments in cryptocurrencies in emerging economies. This will entail an expansion of the bitcoin payments market over the forecast period,” the analysts wrote.
The proliferation of hardware wallets is making bitcoin payments easier. About three quarters of transactions with the first cryptocurrency are made between wallet owners.
Analysts expect the volume of BTC payments on e-commerce platforms to grow by 20.2%, with the Asia-Pacific region continuing to lead in this indicator.
Allied Market Research experts cited the high cost of payment infrastructure solutions, as well as a lack of awareness of the benefits of payments in digital assets, as barriers to cryptocurrency payments:
“Distributed ledger technology has evolved from cryptocurrencies to many different applications in the financial industry and government. However, many people and industry representatives are not familiar with BTC transactions, especially in developing regions like India, Africa and Australia. This could hinder the growth of bitcoin payments.”
It was recently reported that one of the largest cloud services Google Cloud will add support for cryptocurrencies.
Source: Bits
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