[FURL=https://www.industryarc.com/Research/Virtual-Currency-Market-Research-502522]Virtual Currency market[/FURL] size is forecast to reach $1.48 billion by 2025 and set to grow at a CAGR of 6% during 2020-2025. Virtual currencies facilitate an innovative method of payment. Bitcoin is one among such elevating digital currencies with ever-growing adoption, worldwide, as a developed payment method. Now-a-days, virtual money are gaining more traction from online retailers. An increase in the proliferation of malicious software and recognition of virtual currencies by developed countries are driving the growth of the global virtual currency market. Key Takeaways
Europe occupied a notable share in the global virtual currency market owing to the increasing demand for digital money by cryptocurrency companies. They are engaged in buying digital virtual currency online.
The growing popularity of bitcoin, as virtual currency is an unregulated digital money, which is used in transitions without the involvement of banks and provides worldwide financial integration, is likely to aid in the market growth of virtual currency.
The countries with less developed financial infrastructure and high smartphone usage for example, nearly 50% of Kenya’s GDP is functioned by digital currency. Hence, this act as a beneficial opportunity for the virtual currency trading.
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Geography - Segment Analysis
Europe dominated the virtual currency market share, which accounts for more than 40%, followed by North America and APAC. In Europe, especially Germany is contributing a significant share in the cryptocurrency market. Increasing adoption of the digital currency by several traders such as semiconductor and electronics manufacturers, banking and finance organizations, software solutions providers, e-commerce companies, research organizations, financial consulting companies along with the presence of a wide number of mining pools in this region are burgeoning the revenue of virtual currency market. All these factors together boosting the Europe cryptocurrency market.
Drivers – Virtual Currency Industry Outlook
Growing Digital Coin importance is fuelling the virtual currency market growth
Cryptocurrency dominance in developed countries
Market Landscape
Product launches are key strategies that are highly adopted by the players to mark their position in the virtual currency marketplace. In 2018, the market of virtual currency has been consolidated by the top five players accounting for 34% of the share. Bitpay, Coinbase, Coinjar, Elliptic, Gocoin, Millipay Systems, Ripple, Safello, Unicoin, and Xapo are the virtual currency top 10 companies.
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