Visiongain has published a new report on Bitcoin Market Report to 2031: Forecasts By Component (Hardware {GPU, FPGA, ASIC}, Software {Mining Platform, Coin Wallet, Exchange}), By Process (Transaction, Mining), By Application (Trading, Remittance, Payment {Peer-To-Peer Payment, Media & Entertainment, Retail & Ecommerce, Others}). PLUS, Profiles of Bitcoin Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.

The global bitcoin market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.

Bitcoin is a form of digital currency that allows performing transactions without the need for a central bank. Bitcoins are used to purchase goods and services from vendors and can be transacted with other bitcoins with the help of peer-to-peer technology. High focus on providing operational transparency and high remittances in developing countries are the factors driving the growth of the bitcoin market. The market seeks growth opportunities from the growth opportunities across emerging markets and acceptance of bitcoin across various industries. However, low awareness and technical understanding, uncertain regulatory conditions, and concerns related to security and privacy hamper market growth during the forecast period.

COVID-19 Impact on Bitcoin Market
The COVID-19 has a steady impact on the bitcoin market. The nationwide lockdown imposed by the governments of various countries for minimizing the spread of the virus had a significant economic downturn. Bitcoin too witnessed a fall in price in March 2020. However, the market saw a stable demand in the subsequent months, which is expected to help the market gain traction. Thus, the market is witnessing a low and steady impact on the bitcoin market.

Market Drivers

High Focus on Providing Operational Transparency
Transparency is the most significant advantage offered by bitcoin. It works with an unprecedented level of transparency, where all the transactions are public, traceable, and permanently stored in the bitcoin network. Bitcoin allows anyone to view the balance and all transactions of any address. Moreoevr, the transactions and purchases through bitcoin also allow a third person to identify your Bitcoin addresses. Thus, a high focus on providing operational transparency is expected to drive the growth of the bitcoin market.

High Remittances in Developing Countries
Remittances is one of the most important financial flows in developing countries. It helps in contributing to improving the living conditions of peoples. Blockchain and the bitcoin technology is revolutionizing the payment industry by speeding up the transaction process and reducing the transaction cost. Rising penetration, along with low connectivity to the banking institutes in the developing countries, is driving the demand for bitcoin for remittances in developing countries.

Market Opportunities

Growth Opportunities Across Emerging Markets
Bitcoin is witnessing tremendous growth opportunities in the emerging markets. Technology giants in the emerging markets are trying to capitalize on the bitcoin trend for doing businesses. Many of the people were sceptical on the adoption of bitcoin owing to the security & privacy concerns. However, such people now have accepted the bitcoin as the new means of carrying out business. Countries across the regions of Middle East and Asia, including India, have acknowledged the adoption of modern technology that is being brought about by the digital currency. The emerging markets are focusing on including bitcoin in their National strategic plans which is expected to create growth opportunities for the bitcoin market during the forecast period.

Acceptance of Bitcoin Across Various Industries
Bitcoin is transforming every industry vertical. Bitcoin’s popularity has helped to demonstrate blockchain’s application in the finance industry, but entrepreneurs have realized that technology is capable of transforming many more industries. The bitcoin use cases for a transparent, verifiable register of transaction data are practically endless as the blockchain operates through a decentralized platform requiring no central supervision and making it resistant to fraud.
In BFSI, the technology serves as a digitized, secure, and tamper-proof ledger to serve as a ame function, injecting enhanced accuracy and information-sharing into the financial services ecosystem. Adoption of bitcoin across the education sector helps in streamlining verification procedures, thereby reducing fraudulent claims of un-earned educational credits. Moreover, the media & entertainment giants are also focusing on bitcoins to ensure secure content sharing. Bitcoins would allow the creators to use smart contracts, for the collection of revenue on purchases of creative work which can be automatically disseminated with regards to the pre-determined licensing agreements. Thus, bitcoin technology has the potential to transform every industry vertical, which is expected to create growth opportunities for the bitcoin market.

Competitive Landscape
The bitcoin market is highly competitive. The key market players emphasize offering advanced features to the bitcoin platform to cater to a complete application area and obtain a competitive position in the market. Some of the companies profiled in the report include Blockstream Corporation Inc., Nvidia Corporation, Coinbase Inc., Advanced Micro Devices, Inc., Intel Corporation, Coinify ApS, Unocoin Technologies Pvt Limited, Xilinx, Inc, Bitstamp Ltd, and itBit Trust Company LLC.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 20 7549 9987.

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