As such, Bitcoin has been named the currency of the future. Bitcoin is currently the most expensive cryptocurrency, with one coin valued at over $55,000 as of February 2021.Experts predict that blockchain will boost global GDP by $1.76 trillion by 2030, which is equivalent to 1.4% of global GDP.Worldwide spend on blockchain solutions is forecast to reach $17.9 billion by 2024 and will grow at a compound annual growth rate (CAGR) of 46.4%.As of February 2021, there were a total of 620.369 million transactions on the blockchain.The size of the global blockchain market is expected to grow from $3 billion in 2020 to $39.7 billion by 2025.

Government organizations adopted blockchain solutions, which contributed to such growth in the US and Canada. In 2020, North America contributed 46% of the growth of the global blockchain technology market.The blockchain market grew by 10.27% in 2020.In terms of industry, the banking sector had the biggest spend on blockchain technologies. By far, the biggest contributor to blockchain spending is the United States, followed by Western Europe. This had led companies like Bitcoin and Square to lead the way in blockchain revenue, as well as for IBM and Ant Financial to file many active blockchain patents.

The size of the global blockchain market posted double-digit growth in 2020, which is expected to increase in the next decade. The blockchain market is showing signs of promise.

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