- Over the next decade, as the Bitcoin industry evolves, the ecosystem is expected to expand – with cryptocurrencies like Bitcoin rising in popularity
- Countries worldwide are beginning to accept Bitcoin as legal tender; El Salvador was one of the first to offer cryptocurrency over fiat
- In rural areas, where COVID-19 created extreme job loss due to a drop in tourism, entrepreneurs are using cryptocurrency as a means of income
- The global cryptocurrency market was valued at US $1.49 billion in 2020 and is now projected to reach US $4.94 billion by 2030, growing at a CAGR of 12.8%
The next decade will be significant for Bitcoin evolution. Mainstreaming Bitcoin as a mechanism for payment will require technological improvements in the ecosystem. To be a viable investment asset or payment, Bitcoin’s blockchain should have the capacity to handle millions of transactions in a short period, and as the industry evolves, the Bitcoin ecosystem is expected to expand. Technologies like the Lightning Network promise to scale these operations. Ripple CTO David Schwartz predicts that the next decade will “bring an explosion of low-cost, high-speed payments that will transform value exchange the way the Internet transformed information exchange” (https://ibn.fm/R2prJ).
Bitcoin is already gaining more acceptance around the world, including governments relaxing their stance on whether to accept the cryptocurrency as legal tender or even creating their own native…
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