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Blockchain Technology Adoption To Reach $57 Billion In 5 Years And More

Blockchain Technology Adoption To Reach $57 Billion In 5 Years

It is no brainer that the adoption of Blockchain technology is an upward swing. However, due to the scarcity of data on the matter, there has been rampant hyping of the growth by marketers and bloggers, which is misrepresenting facts. For this regard, Research and Markets have conducted research projecting that Blockchain adoption will grow by a CAGR of 60.4% in the next five years. In monetary terms, the value of Blockchain platforms is forecasted to peak at $57 billion as various industries embrace the new technology. Some of the main drivers of the growth at sectoral levels include governments, financial services providers, and SMEs.

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UK People More Interested In Bitcoin Than Boris Or Brexit

Most Americans think that people in the UK are more captivated by the chaotic Brexit or their new Prime Minister Boris Johnson’s intrigues. However, at least according to UK Google trends, the British are more interested in Bitcoin. This Cryptocurrency has been bearish of late and, ironically, it has the attention of web users. In the past, a rally coincided with a surge in online searches and this late case is showing that BTC is much more than a short-term investment option. The revelation indicates and reaffirms the emerging concept where investors look up to Bitcoin to cushion their wealth portfolios in the face of looming crises like Brexit.

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Despite The Current Bear run, Bitcoin Has Had A Bullish 2019

The short term outlook for Bitcoin is bearish as the leading Crypto has slid below $10,000. However, as the current picture may mislead investors to think that the market is a downward trend, it is critical not to lose sight of the broader outlook. From this perspective, 2019 has been a bullish year as BTC/USD has rallied by over 300%. However, the Cryptocurrency market is changing as the Bitcoin effect has not translated into Altcoin rallies as per historical charts. For this reason, Bitcoin dominance in the market has continued to skyrocket and it’s market share is almost touching 70%. Some of the catalysts of the strong Bitcoin performance are a sudden wave of adoption from companies like WholeFoods and AT&T and the proposed Baakt futures trading.

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