By Bitcoinist - 1 year ago - Reading Time: 2 minutes
Global Crypto Revenue To Reach $1.1 Trillion By 2030, GlobalData Reports
Following an unpleasant end to 2022, the cryptocurrency industry has been on an ascent in the first half of 2023, with a growing global crypto revenue. Although regulatory charges have been at an all-time high, especially in the United States, the positive trend of 2023 is expected to continue, as global crypto revenue has been predicted to skyrocket over the coming years.
Global Crypto Revenue To Reach $1.1 Trillion By 2030
According to the “Thematic Intelligence: Cryptocurrencies” report by GlobalData, global cryptocurrency revenue will climb up to $1.1 trillion in value by 2030. This would be a massive improvement from the $33 billion profit recorded in 2022. The metaverse, which represents one of the biggest innovations of Web3, is predicted to grow into a $627-billion market as well.
This prediction comes despite the infamous 2022 “crypto winter,” which saw the collapse of prominent crypto entities and peaked at the fall of the FTX Exchange in November 2022. However, institutional interest and the number of retail users in crypto have increased since the turn of the year, with governments starting to position their countries as crypto hubs.
The regulatory narrative has spun in recent months, with most countries easing their stance on crypto. We’re seeing countries and even continents shift their position from outright bans to the introduction of proper regulation. Hong Kong, for example, continues to solidify its position as a major crypto hub in Asia by focusing on crypto-friendly regulations.
Asides from increased adoption, the crypto industry continues to experience steady growth in terms of innovation. There has been the introduction of new token types and the integration of scalability solutions. GlobalData reports that all of these factors would contribute to the anticipated growth in global crypto revenue.
Coinbase and Binance Lead In Mergers And Acquisitions Activity
The 102-page GlobalData report also revealed the decline in mergers and acquisitions (M&A) activity in the cryptocurrency space. As of May 22, only 60 M&A deals have been completed in 2023, which represents a 17% drop compared to the same timeline in 2022.
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That said, it is understood that the industry still offers lucrative opportunities to acquirers, as the crypto space is at a “buy the dip” point. Three major crypto companies, namely Coinbase, Binance, and Kraken, lead the way in the highest M&A deals.
According to the report, merger & acquisition activity in the crypto industry will rise with time. “A drop in crypto prices, lower valuations, and liquidity challenges in the industry will lead to a rise in M&A activity”, explains GlobalData analysts.
Original source: Bitcoinist