CAGR of Bitcoin Technology Market Expected to be 8.3% during 2021-2026

The bitcoin technology market registered a compound annual growth rate (CAGR) of 8.3% over the forecast period 2021 - 2026, according to the "Bitcoin Technology Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report. Due to the zero risk of inflation, bitcoin is trending over the years with the global bitcoin technology market valued at USD 273 million in 2018.  

Many factors contribute to this strong CAGR. For example, transaction fees for bitcoin payments are significantly lower in comparison to the ones made for credit and debit card purchases, which is an advantage for SMEs as they have a limited budget. Commercial payments are also slowly warming up to the prospects of Bitcoin. Most recently, data revealed that as of 2019, about 15558 businesses were accepting Bitcoins around the world, with Slovenia having the highest business, which accepts Bitcoins at 314 business outlets. Moreover, regulation has played a vital role in the widespread adoption of Bitcoins. In 2017, when the Japan Financial Services Agency enacted a new law on April 1, 2017, authorizing the use of digital currency as a method of payment, essentially granting it the same legal status as any other currency.

Moving onto the forecasts, North America is the region expected to witness the highest growth, which can be seen in the crypto mining and vendor sectors. Newegg, the leading tech-focused e-retailer in North America announced to give customers in Canada the option of paying with bitcoin. This move will drive the demand for bitcoin among consumers. In June 2019, Plouton Mining announces its aims to build what will be the largest solar-powered mining operation in North America, providing people with an opportunity to participate in the growing bitcoin economy in a sustainable and affordable way. Moreover, the number of Bitcoin ATMs in Canada and the United States has skyrocketed over the last few years, highlighting the growing trend of bitcoin buying and selling in North America.