The data analysts at Best Sports Betting Canada have done a deep dive
into data sourced on Statista to find that the cryptocurrency market
forecasts a $27 Billion increase by 2027.
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Highlights from the data:
* Cryptocurrency Market Forecasts a $27 billion Increase in Revenue by
2027
* Crypto Revenue Projected to Increase by 71% Over Next Four Years
* Number of Crypto Users Set to Amount to 994.3 million by 2027
* Average Crypto Revenue Per User Predicted to Grow By 16% in 2027
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https://bestsportsbettingcanada.ca/blog/2023/06/14/cryptocurrency-market-forecasts-a-27-billion-increase-by-2027/
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CRYPTOCURRENCY MARKET FORECASTS A $27 BILLION INCREASE IN REVENUE BY
2027
In 2023 alone, revenue within the cryptosphere is expected to hit
$37.87bn, which represents nearly a $20bn jump year-on-year.
Of course, 2022 saw perhaps the most momentous collapse in the value of
Bitcoin after global exchange FTX crashed, and this is reflected in the
relatively low revenue of $18.52bn last year.
However, pre-crash levels reached as high as $31.91bn in 2021, and a
strong recovery from crypto this year has given way to positive
projections for the next four years.
CRYPTO REVENUE PROJECTED TO INCREASE BY 71% OVER NEXT FOUR YEARS
Revenue is expected to show an annual growth rate of 14.40%, which would
result in a projected amount of $64.87bn by 2027 – this represents a
71% upturn from 2023.
Although the regulatory climate amongst global superpowers – most
notably the US and UK – is cause for concern, Statista analysts are
seemingly confident that the crypto industry will remain bullish in the
face of adversity.
2022 was the first down-year in crypto’s revenue expansion, and
according to the projections below, this is nothing more than an anomaly
amongst an otherwise strong upward trajectory.
NUMBER OF CRYPTO USERS SET TO AMOUNT TO 994.3 MILLION BY 2027
Increased revenue is, of course, fuelled by an ever expanding market and
analysts are expecting the amount of crypto users to rise to near-enough
one billion over the next four years.
A decade on from 2017’s 30.89 million users, analysts are predicting
the amount of users to reach around 994 million by 2027.
However, after a sharp upturn in users since the turn of the decade, the
market saturation of users is expected to see the trend tail off.
AVERAGE CRYPTO REVENUE PER USER PREDICTED TO GROW BY 16% IN 2027
2021 saw average revenue per user reach its highest level at around $107
– an incredibly steep rise on 2018’s ceiling of around $38.However,
China’s decision to ban cryptocurrency transactions in September of
2021 led to a wave of market confusion.
Around $400 billion in value was wiped off the global currency market,
with popular coins such as Bitcoin and Ethereum falling sharply. As is
evidenced by the graph, this led to a steep drop-off in revenue per user
by 2022, falling by just under 60%.
However, a rather ambiguous legal loophole in China means there are
actually no specific policies against holding digital assets like
Bitcoin, Dogecoin, or Ethereum.
Statista analysts remain confident that the crypto industry’s steady
recovery will continue right the way through in its 2027 projections,
with a 16% jump in users compared with 2023’s current levels.
