Do you think crypto payments are going to be adopted in a far distant future?
Experts suggest the market will keep its steady rise to reach over US$ 4 billion in value.
According to Maximize Market Research, the crypto payment industry will keep growing at a rate of 16% (CAGR) to reach a market value of US$4.19 bn in 2029. According to the report, emergent markets will lead the growth in the years to come.
As an example, Mexico has been adopting Bitcoin ATMs to the point that the Senate building has one, the Mexican senator and crypto advocate Indira Kempis twitted about the event.
Meanwhile, Brazil passed a bill last year in which Bitcoin is legalised a payment method and in the Asia-Pacific region, and despite the “ban” of cryptocurrencies in India, this country will show a significant growth in the next 6 years. One example is the partnership between OKEx and the India-based CoinDCX which will increase exposure in India for both platforms.
Notwithstanding multiple regulations and some hiccups in the US, as a region, North America (US, Canada, Mexico) leads the market in the forecast until 2029. This region is forecast to grow up to 18%, above the 16.8 average.
Despite current market conditions, increasing regulation and adverse market conditions the crypto markets, in general, are increasing adoption worldwide and are not only seen as a way to store value but as a real currency to do trade and pay for multiple goods and services. Even Investopedia has a section called “what can you buy with Bitcoin?” with a long list ranging from autos to jewellery.
What we can conclude from all these developments, is that the crypto payments industry, as a whole, is rather sound and will continue its growth in the years to come.
Despite (or perhaps because) of any incoming fully-fledged banking and financial crisis, the crypto payments industry is posed to be one of the best tangible examples of the current rolling crypto revolution.