III. Industry Analysis
3.1 Industry Profile
An increase in the need for operational efficiency and transparency in financial payment systems, a rise in demand for remittances in developing countries, an increase in data security, and an improved market cap are the major factors that drive the growth of the global cryptocurrency market. The global cryptocurrency market size was valued at $1.49 billion in 2020 and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. 1
3.2 Market Size
The global cryptocurrency mining market is anticipated to reach $1.61 billion by 2025, from $888.2 million in 2019, with a CAGR of 16.1% from 2020 to 2025.2 The US is the second-biggest mining destination on the planet, accounting for nearly 17% of all the world’s Bitcoin miners.3 The crypto asset management market growth is anticipated to be propelled by several significant factors, such as the surge in remittances in developing countries, an increase in venture capital investments, the necessity for securing cryptocurrency assets, and the widespread adoption of blockchain technology.
1.https://www.alliedmarketresearch.com/crypto-currency-market#:~:text=Cryptocurrency%20Market%20Outlook%20%E2%80%93%202030,is%20known%20as%20virtual%20currency.2.https://www.marketwatch.com/press-release/cryptocurrency-mining-market-growth-opportunities-size-analysis-types-and-forecast-to-2025-2021-09-24
3.https://www.cnbc.com/2021/07/17/bitcoin-miners-moving-to-us-carbon-footprint.html
