The Crypto Market Is Being Stimulated by Growing Electronic Financial Services
Not so long ago, Fortune Enterprise Insights presented a report called “Measuring the cryptocurrency market and forecast to 2025”. According to the report, North America has been the main global cryptocurrency market since 2017. The observed expansion is due to the excessive adoption of cryptocurrencies and financial digital technologies in this region.
FinTech Drives the Crypto Industry
The growing demand for online cash providers in the area is likely to drive the expansion of the market in North America. Moreover, in North America, there are 27% of participants, 39% of wallets, 18% of transactions and 19% of companies engaged in cryptocurrency payments. This may be the main reason for the excessive demand seen in the area. This further facilitates the introduction of cryptocurrency.
The cryptocurrency market in the Asia-Pacific region is expected to expand with a relatively elevated CAGR. The observed expansion is due to an increase in the number of cryptocurrency transactions occurring in the area. It is believed that the main investment in cryptocurrency will be in Japan. The growth of investment in cryptocurrency has led to the formation of recent legal recommendations for the legalization of cryptocurrency within the framework of a monetary company. This could be a major move by Japan and is projected to revive the cryptocurrency market in the Asia-Pacific region.
- Europe can also be one of the main areas in the global cryptocurrency market
The observed growth is due to the over-proliferation of e-financial service providers in the area. In addition, Germany issued a press release that refers to cryptocurrency as non-public money, not subject to taxes, as long as it is not stored for a year or longer. According to forecasts, taxes and various benefits from cryptocurrency will increase the demand for it.
- Introduction of electronic wallets for market promotion
“It is expected that the information packages initiated by the authorities regarding cryptocurrencies in developing and undeveloped countries will allow us to make progress in the global cryptocurrency market,” said a leading analyst at Fortune Enterprise Insights.
Among the main components that are expected to drive the global cryptocurrency market in the forecast period 2018–2025 are the growing adoption of e-wallets and the shift of customers towards online platforms. Moreover, cashback, promotions and various payments for electronic currency are an element that is expected to increase demand in the global market.
The rapid technological developments taking place in the e-currency and its suppliers are an element that is expected to contribute to the expansion of the global cryptocurrency market. Moreover, mergers and acquisitions occurring in the global market are more likely to increase the cost of expansion.
For example, Tron acquired BitTorrent, a California-based company, in 2018 for $ 150 million. In October 2018, the Belgian financial agency NXMH acquired Bitstamp for US $ 350 million. The competition among the many players in the global cryptocurrency market can be very large.