A new study from Juniper Research has found that the total value of Bitcoin transactions is expected to exceed $92 billion this year, up from less than $27 billion in 2015. The research found that transaction volumes continued to be concentrated overwhelmingly on the exchanges, with Bitcoin now trading at values almost 50% higher than at the beginning of the year.
According to the new research The Future of Cryptocurrency - Deep Dive Data & Forecasting 2016-2021 – the rise in values could be attributed to 3 key factors:
Trump Presidency Would Boost Bitcoin Activity
According to research author Dr Windsor Holden, concerns around the prospects of a Trump Presidency in the US were also likely to cause further spikes in trading and Bitcoin value later in the year.
“If Donald Trump becomes President of the US, there is the very real prospect of turmoil on world markets – the Economist Intelligence Unit ranks his Presidency within the Top 10 global risks,” he said. However, Bitcoin trading would thrive in such an environment, at least until the impact on major fiat currencies becomes clear.”
The research also argued that bitcoin adoption in the retail space was likely to remain limited to a niche audience, with only a small number of websites seeking to offer it as a payment option.
The whitepaper, ‘Will Bitcoin Bite Back?’, is available to download from the Juniper Research website together with details of the new research and interactive dataset.
Juniper Research is acknowledged as the leading analyst house in the digital commerce and Fintech sector, delivering pioneering research into payments, banking and financial services for more than a decade.