A report published in Allied Market Research forecasts the value of the Bitcoin (BTC) payment market will balloon to almost $4 trillion by 2031.
The report predicts that Bitcoin’s payment market value, which was valued at $850.6 billion in 2021, will grow by a compound annual growth rate (CAGR) of 16.3% from 2022 to 2031, eventually reaching more than $3.78 trillion.
The researchers say the increased need for operational efficiency in financial payment systems and rising demand for remittances will drive value to the BTC payment market. The report also predicts an increase in institutional demand.
“Furthermore, increase in demand for Bitcoin among banks, and financial institutions and untapped potential in emerging economies are expected to provide lucrative opportunities for the Bitcoin payments market expansion during the forecast period.”
The Asia-Pacific region accounted for the largest Bitcoin payment market share and had the highest growth in 2021, according to the report.
The researchers also say that the rise in smartphone use across Latin America and Africa presents an opportunity for mobile payment service providers and the Bitcoin payment network.
BTC is trading at $20,088 at time of writing. The top-ranked crypto asset by market cap is up nearly 4% in the past 24 hours. Its market cap currently hovers around $385.5 billion.
Allied Market Research is a Portland, Oregon-based market research and business consulting firm.
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