According to a recent IndustryArc review, the global Bitcoin payment system is set to grow at a CAGR of 20.13% through 2026. It is also expected to reach a global market value of $880 million by that time.
At this point the impact of Bitcoin (BTC) and the broader cryptocurrency market is undeniable. Even with the macroeconomic environment creating downward pressure on all investment assets, Bitcoin still has a market cap of nearly $560 billion. Its rapid adoption throughout the world provides proof that the benchmark digital currency isn’t going anywhere, despite having its fair share of critics.
Companies around the world are implementing the ability for consumers to pay by Bitcoin into their transactionary ecosystem. A long list of companies are already utilizing this from the retail side including companies like Tesla (NASDAQ:TSLA), AMC (NYSE:AMC), and SFLMaven (OTC:SFLM). There are also digital finance ecosystems that facilitate payments like PayPal (NASDAQ:PYPL) and Block (NYSE:SQ) amongst others.
The shift to digital payments, particularly those that are decentralized and not controlled by governments is growing in popularity. This is especially true for the world’s unbanked population who do not trust centralized agencies to hold their fiat currency. The Bitcoin payments ecosystem allows peer to peer currency transactions across international borders and can be facilitated between major Metropolitans to the most rural of regions.
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