Allied Market Research experts studied the current situation with the bitcoin market and made their forecast. It is expected that on average, BTC capitalization will grow by 16% per year and in 9 years will reach $3.7 trillion.

The specialists noted that the total amount of payments in bitcoins amounted to $850.55 billion last year. The popularity of cryptocurrency and its active use is observed due to the demand for transparency in relation to payments.

As such, Bitcoin is increasingly being used among banks and other financial businesses. Based on the positive dynamics, the market is expected to expand in the coming years.

The use of hardware wallets makes bitcoin transactions easier. These wallets are physical devices, designed to store coins securely.

Analysts expect BTC payments across physical and digital goods platforms to grow by 20.2% through 2031. The Asia-Pacific region and North America will become the leaders in terms of indicators.

Allied Market Research also highlighted a number of hurdles Bitcoin could face. These are the high cost of payment infrastructure solutions, as well as the lack of knowledge about the use of digital assets.

Previously, news came out that the BTC mining protocol received a number of changes.