North America is also expected to witness a rising trend in terms of Bitcoin adoption by 2016.
The compound annual growth rate (CAGR) of the Bitcoin (BTC) technology market could be 8.3% by 2026, according to the “Bitcoin Technology Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report. It highlighted that the Bitcoin market has been trending over the years, whose technology market was valued at $273 million in 2018.
“The Bitcoin system was created with the sole purpose of being finite. Thus, without the possibility of issuing excess currency, the threat of inflation comes down to almost zero. This point benefits both the seller and the buyer,” the report noted. Moreover, adoption on a commercial level has been growing, with 15558 businesses accepting Bitcoins worldwide, according to data collected until 2019
That said, Slovenia was having the highest business, which has 314 businesses accepting Bitcoin payments. Also, the report praised that regulatory affairs have played “a vital role” in the widespread adoption of BTC, putting as the primary example the use case of Japan’s Financial Services Agency enacting a new law in April 2017, which authorized the use of virtual currencies as a method of payments.
Canada and the US to See the Highest Growth
However, the report, authored by Mordor Intelligence, warned on the following matter: “The hackers have, in particular, exploited the anonymity aspect of Bitcoins, and this was evident in the recent incident, in 2018, where the victims of ransomware had to pay in Bitcoins. Similarly, in November 2019, Uber released documents mentioning that the company had to pay USD 100 million in Bitcoins to hackers.”
Moving onto the forecasts, North America is the region expected to witness the highest growth – something that can be seen in the crypto mining and vendor sectors, the report noted. Moreover, the number of Bitcoin ATMs in Canada and the United States has skyrocketed over the last few years, highlighting the growing trend of buying and selling in North America.