The worldwide cryptocurrency market should reach $84 billion by 2024, up from $1.9 billion in 2017, WinterGreen Research predicts in a new report.
The Lexington, Mass.-based market research firm says growth will come as the advantages of digital currencies become clear for activities such as supply-chain management and Internet of Things communications. Cryptocurrencies are also useful in marketing and branding, the firm says.
As digital currencies evolve, they will lower the cost of bank settlements and give people access to inexpensive global payments systems, WinterGreen predicts.
Bitcoin (BTC) faces scaling issues that need to be resolved in order for the No. 1 cryptocurrency to have long-term viability, the firm says. They include transaction-processing costs, speed and energy requirements. Read more here.