Cryptocurrency Market Plying for Significant Growth During 2028
                     The cryptocurrency market is projected to grow at a CAGR of 11.4%, with 
an estimated market size of USD 1.5 billion in 2021 and USD 2.9 billion by 
2028. One of the primary elements supporting the growth in demand for 
digital currency, such as cryptocurrencies, is the growing demand for 
operational efficiency, security, and transparency in financial payment 
systems. Accordingly, the industry is seeing growth due to the increasing 
use of high-speed internet and the installation of trading apps on 
smartphones, which offer easy access to online payment transactions. 
Additionally, the market is expected to be driven by the industry's 
expanding market capitalization and the launch of new cryptocurrencies. 
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Cryptocurrency Market Dynamics 
 
Drivers: Growing adoption of digital currencies 
 
The market is anticipated to grow in the coming years due to the 
acceptance of virtual or digital currencies like Bitcoins, Ethers, Litecoins, 
and many more. People in sophisticated nations are more inclined to use 
digital currency's simple and adaptable transactional technique. Due to the 
appeal of virtual currency as a medium of exchange, the central bank 
chose to promote it. For digital currency schemes in many industrialized 
nations, the central bank has patented Central Bank Digital Currency 
(CBDC) activity provisions. The Eastern Caribbean Central Bank and 
People's Bank of China support CBDC's choice to use digital cash as a 
medium of exchange. Two institutions implementing the toolkit in their 
CBDC evaluation procedures are the Bank of Thailand and the Central 
Bank of Uruguay. For instance, Facebook, Inc. introduced the Libra digital 
currency in June 2019. Customers can use Libra to make purchases, send 
money to others, and withdraw funds online or at grocery stores. 
Companies can also profit from changing digital currency prices and 
fortifying their digital assets. 
 
Restraints: Misuse of virtual currency and security attacks 
 
Many regulatory bodies are concerned about the growing misuse of virtual 
currencies by criminals for unlawful operations since they are an 
unregulated, decentralized, and uncontrollable exchanging platform. The 
use of digital currency by criminals has been observed in numerous illegal 
activities like tax evasion, money laundering, and financing of terrorism. 
Regarding the abuse of Facebook, Inc.'s patented Libra digital currency by 
terrorist financiers and money launderers, Treasury Secretary Steven 
Mnuchin expressed his worries in July 2019. Additionally, escalating 
security worries and cyberattacks have resulted in the loss of investment 
currency, limiting the use of cryptocurrencies. A significant barrier to the 
industry's expansion is the misuse of digital currencies and related security 
issues. 
 
Opportunities: Adoption of bitcoin to witness exponential demand for the 
cryptocurrency market 
 
One of the most well-liked forms of digital money worldwide is bitcoin. The 
market is expanding further due to investor interest, increased visibility, and 
supportive legislation. The market value of digital cash is also increasing 
due to bitcoin cash's developing worth and the ability to pay transaction 
rewards. People's preference for digital currency is apparent in developing 
nations like the U.S., Japan, European nations, and many others. This 
trend is anticipated to support the cryptocurrency market's growth in the 
future. 
 
Hardware category is estimated to be the largest growing market segment 
during the forecast period 
 
The hardware category is estimated to dominate the market growth over 
the forecast period because there is a growing demand to improve software 
performance and the effectiveness of financial payment instruments. The 
graphical processing unit (GPU), application-specific integrated circuit 
(ASIC), field programmable gate array (FPGA), and other platform types 
are used to categorize the hardware segment further. The hardware 
category includes cryptocurrency exchange and mining equipment, like the 
Bitmain Antminer S9i, Halong Mining DragonMint T1, Pangolin Whatsminer 
M3X, and Avalon6. The largest percentage is anticipated to belong to ASIC 
mining equipment, which performs well and has a high hash rate while 
mining a particular coin. 
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Bitcoin (BTC) category is estimated to be the largest growing market segment 
during the forecast period 
 
The bitcoin (BTC) category is estimated to dominate the market growth 
over the forecast period. Bitcoin has gained a lot of market traction as a 
digital currency. According to a report by Deutsche Bank AG released in 
2017, one of the most popular digital currencies is bitcoin, which will 
continue to rule the market for the foreseeable future. Another well-liked 
virtual currency on the market is ether, which can be used for investing, 
forming smart contracts, and developing decentralized applications. 
 
Asia Pacific segment is estimated to be the largest growing market during the 
forecast period 
 
Asia Pacific is the largest cryptocurrency market, projected to grow at the 
highest CAGR during the forecast period. Since the rise in Bitcoin 
exchanges around Asia, the cryptocurrency business has matured and 
experienced healthy competition. As the government promotes using 
bitcoin's underlying technology to boost transparency and fight fraud in the 
country's financial sector, Chinese institutions are hiring blockchain 
specialists. The bitcoin market is expanding in the region due to these 
factors. 
Additionally, the market in the Asia Pacific is anticipated to have significant 
growth due to several technological advancements and the acceptance of 
virtual currency for some platforms in Japan and Taiwan. Key companies' 
strategic agreements and collaborations also support the Asia Pacific 
market. For instance, Z Corporation, Inc. and TaoTao, Inc. formed a 
partnership with the financial service agency in January 2020 to develop 
the cryptocurrency industry by reaffirming regulatory compliance in the 
Japanese market. During the COVID-19 epidemic, Japan recently accepted 
a new digital money exchange. 
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Key Market Players 
 
The cryptocurrency market is dominated by a few global players and 
comprises several regional players. Some key manufacturers operating in 
the market are Advanced Micro Devices Inc., Antier Solutions, BitFury 
Group Limited, BTL Group Ltd., Coincheck Inc., Intel Corporation, Ledger 
SAS, NVIDIA Corporation, Ripple, Xilinx Inc. and Xapo Holdings Limited. 
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