Crypto Research Report, a quarterly publication that will be collaborating with CoinTelegraph from its next report release onwards, revealed its findings on the cryptocurrency market for the year’s second quarter which has just come to an end. According to the report, there are currently more than 40 million cryptocurrency users worldwide, and the researchers found that there is a correlation between GDP per capita and cryptocurrency adoption.
Additionally, in order to correctly predict demand for different coins in the market, the researchers have identified which main markets crypto assets can be found in, including online gambling, online transactions, consumer loans, as a unit or medium of exchange and more. The value of the top two target addressable markets amount to a staggering $168 trillion in total.
The report forecasts the possibility of three scenarios based on the historical data they have on factors that impact cryptocurrency adoption rate, and find that in the best case scenario, cryptocurrency will penetrate 20% of its target markets and it will take five years for it to achieve even 1% of this percentage.
However, if Bitcoin manages to achieve 10%, the report estimates that in 2030, BTC will be worth almost $400,000. The crypto community is used to seeing estimations for BTC’s price that may be just too much of a leap from where it is currently hovering around the $9,000-$9,400 range. The report highlights the difficulty of accurate projection due to the many factors that influence cryptocurrency adoption and market prices as well, but it states that Bitcoin and Ethereum are still likely to dominate the rest of the cryptocurrency market even a decade from now.
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