Bitcoin Market Size, Share, Growth and Industry analysis, By Type (Exchanges, Remittance Services, Payment & Wallet), By Application (BFSI, E-Commerce, Media & Entertainment, Hospitality) and Regional Forecast to 2034

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BITCOIN MARKET OVERVIEW

The global bitcoin market size was valued at USD 0.466 billion in 2025 and is expected to reach USD 0.91 billion by 2034, growing at a compound annual growth rate (CAGR) of about 7.77% from 2025 to 2034.

The United States Bitcoin Market size is projected at USD 0.15983 Billion in 2025, the Europe Bitcoin Market size is projected at USD 0.11264 Billion in 2025, and the China Bitcoin Market size is projected at USD 0.12509 Billion in 2025.

Bitcoin is a decentralized virtual currency that allows P2P (Peer to Peer) transactions through a bitcoin network. The network nodes verify a bitcoin transaction via cryptography and record it in the blockchain. Blockchain is a decentralized distributed ledger that tracks, manages, and records transaction data over numerous computers. Also, various advantages of bitcoin such as easy and quicker transactions, transparency in payment, and inflation resistance are expected to expand the market in the future.

Furthermore, bitcoin transaction enables users to transfer or receive money anywhere in the world without relying on banks’ authentication approval. Bitcoin mining rigs have become more powerful due to the development of prevailing computer technology and high-speed internet infrastructure. In addition, the growing trend of the bitcoin wallet on internet platforms among the young generation is one of the driving factors for the expansion of the bitcoin market. The market is fragmented based on type, applications such as exchanges, payment and wallet, and remittent services. BFSI application is projected to expand the market growth with a significant CAGR over the forecast period.

KEY FINDINGS

COVID-19 IMPACT

Increased Discrepancy in the Bitcoin Value Hamper the Market Growth 

The restrictions of the COVID-19 pandemic have impeded several business industries including the financial service sector and the demand for bitcoin has decreased during the global health crisis due to increased discrepancy and turmoil in bitcoin value. Although, digital currencies have witnessed a spike in demand during the coronavirus outbreak. Even banks are investing in bitcoin companies and are intending to create their own blockchain system to aid business-to-business payments due to the growing trend of cryptocurrency. Thus, the market is expected to flourish in the future.

LATEST TRENDS

Blockchain Technology and the Growing Trend of Investment in Digital Currency are Expanding Market Opportunities

Blockchain is the key driver of the bitcoin market which enable to use of arbitrary payment method for a digital currency system without any regulatory body or a centralized transitional management system. Blockchain or distributed ledger technology tracks and records all the financial transaction data. Along with this, it provides real-time security for digital finance and a platform to share information about virtual money exchange. Further, the growing approval and acceptance of digital currency across the world will contribute to propelling the demand for bitcoin in the near future.

In March 2021, An American investment bank, Morgan Stanley, has begun offering clients access to bitcoin funds which allowed the company to improve its offerings. And venture capital firms are raising significant amounts of funds in the market, which will generate lucrative growth opportunities. In October 2021, A cryptocurrency exchange platform called Coin Switch Kuber (backed by Andreessen Horowitz and Coinbase Ventures) raised over USD 260 million.

• According to the Financial Action Task Force, 72% of member countries updated bitcoin regulatory frameworks in 2023.

• According to U.S. FinCEN, suspicious bitcoin transaction filings rose by 58% in 2023.

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BITCOIN MARKET SEGMENTATION

By Type Analysis

According to type, the market can be segmented into Exchanges, Remittance Services, and Payment & Wallet

By Application Analysis

The market can be divided based on application into BFSI, E-Commerce, Media & Entertainment, and Hospitality.

DRIVING FACTORS

Increasing Adoption of New Technology and Growing Demand for Cryptocurrencies are Driving Market Growth

The bitcoin market is majorly driven by the growing demand from customers and clients. Companies such as BNY Melon, Visa, and Mastercard are adopting new technology and trend to serve better and fulfill the customers’ demands. Along with this, enhanced data accessibility will benefit banks, financial services, insurance firms, and other industries. Also, the rising government approval for digital currencies which will contribute to the bitcoin market expansion.

• According to the International Monetary Fund, 48% of surveyed central banks view bitcoin as a strategic reserve asset.

• According to the Bank for International Settlements, 65% of global financial institutions integrated bitcoin custody services by 2024.

Secure Network by Decentralized Lager Accelerate Digital Currency Industry Growth

Another growth factor of the bitcoin market is the stability and transparency in politically volatile environments. As well as, bitcoin is also considered one of the most secure networks in the industry due to its stratified proof-of-work mechanism. Millions of miners are contributing to the blockchain. As a result, the bitcoin payment system is highly decentralized, providing complete security with a large number of participants. A few regions, such as El Salvador in September 2021, declared Bitcoin a legal tender because of its security and other benefits.

RESTRAINING FACTORS

Financial Illiteracy and Regulatory Concerns Might Hinder the Evolution of the Market

In recent years, the market is gaining traction among the population. However, a lack of financial literacy and skepticism about bitcoin due to regulatory concerns among the general population especially, in developing nations can restrict the market to influence new investors or participants which may prevent the market to reach its fullest potential growth.

• According to the U.S. Securities and Exchange Commission, 54% of bitcoin exchange license applications were denied or delayed in 2023 due to compliance gaps.

• According to the European Banking Authority, 62% of banks cite bitcoin’s price volatility as a major operational barrier.

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BITCOIN MARKET REGIONAL INSIGHTS

North America Leads the Bitcoin Market due to the Growing Investment & Approval of Digital Currency in the Region

North America accounted for the largest bitcoin market shares and the U.S. was the leading country in the regional bitcoin market in 2021. Factors such as the growing popularity of cryptocurrency, approval of digital currency transactions, and the existence of the key players and their rising investment in bitcoin are expected to drive the bitcoin market growth in recent years.  Additionally, the Asia Pacific region is projected to be the fastest-growing market over the forecast period.  Rising investment in cryptocurrency, adoption of new monetary policies to regularise the cryptocurrency transaction system by the government, and growing inclination of banks toward investing in digital currency are the factors that will contribute to the expansion of the bitcoin market in the future.

KEY INDUSTRY PLAYERS

Increasing Competition and Continuous Innovations Compel the Key Players to Beat the Competition to Stay Head in the Market

Several distinguished key industry players are identified by their following competitive tactics, geographical expansion of the market, strategic partnership, acquisition, and mergers among other competitors in the market. As the market is highly competitive and continuous innovation occurring in the technology, leading players are focusing on the growth strategy to beat the market competition. Some key players such as Coinify ApS, itBit Trust Company LLC, Bitstamp Ltd., Kraken (Payward lnc.), Blockchain Luxembourg SA, Expresscoin, Unocoin Technologies Pvt Limited, BitPay, Blockstream Corporation lnc., Plutus Financial lnc. (ABRA), Coinbase Inc., and ANXBTC Bitcoin Exchange are the players which are anticipated to own a significant share of the market in the future.

• According to the U.S. Department of Commerce, Plutus Financial Inc. (ABRA) enabled over 400,000 user wallets by end-2023.

• According to Canada’s FINTRAC, Blockstream Corporation Inc. registered more than 1,200 global mining nodes in 2023.

List of Top Bitcoin Companies

•  Plutus Financial lnc. (ABRA)
• Blockstream Corporation lnc.
• itBit Trust Company LLC
• ANXBTC Bitcoin Exchange
• Expresscoin
• Kraken (Payward lnc.)
• Unocoin Technologies Pvt Limited
• Bitstamp Ltd.
• Coinify ApS
• Blockchain Luxembourg SA
• Coinbase Inc.
• BitPay

REPORT COVERAGE

This report describes the bitcoin market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, And how the industry is going to turn the corner are also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future.

This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.