- The blockchain technology industry is projected to grow to $450 billion by 2028, up from $3.67 billion in 2020, representing a CAGR of 82.4%
- The cryptocurrency market, which was valued at $1.5 billion in 2021, is projected to grow to $2.3 billion by 2028, representing a CAGR of 6.9%
- Bit Digital looks to tap into these two markets through strategic investments and technology
- The company is confident that the value of cryptocurrency will continue to rise, despite the recent drastic price fluctuations
Over the past few weeks, the price of many cryptocurrencies have reduced by more than 50%. Industry experts have cited a sell-off in the global stock market as the main reason for this decline. The two largest cryptocurrencies fared better than the average with Bitcoin posting a 24.69% regression and Ethereum posting a 31.7% decline (https://ibn.fm/vt28Z).
In 2021, Bitcoin did quite well with a 70% gain prior to the close of the calendar year. On the other hand, 2022 has seen a shift to more value-based investments instead of speculative stocks and alternative “store of value” investments (https://ibn.fm/9wHT0).
One company, however, which maintains that there is still value and potential for growth in cryptocurrency, more specifically Bitcoin and Ethereum, is Bit Digital (NASDAQ: BTBT). Founded in 2017 and commencing Bitcoin mining in February 2020, this company recognizes the value in cryptocurrency and is at the forefront of pushing the conversation forward and redefining crypto mining.
In addition to crypto mining, Bit Digital is also a key player in the blockchain technology sector. This market was valued at $3.67 billion in 2020, estimated to grow to $450 billion by 2028, representing a CAGR of 82.4%. With the growing adoption of blockchain technology by commercial and central banks globally for payment processing and issuance of their digital currencies, Bit Digital is well-positioned to capitalize on this opportunity to grow its market share and create value for its shareholders (https://ibn.fm/K9Y31).
Cryptocurrency is gaining worldwide acceptance, a factor shaping the market’s growth. It is projected that by 2028, the cryptocurrency market will be valued at over $2.3 billion, up from $1.5 billion in 2021. This represents a CAGR of 6.9% over the forecast period. This potential growth is an opportunity that Bit Digital looks to tap into, as evidenced by its investment in infrastructure and partnerships in North America (https://ibn.fm/oVsSV).
As of January 2022, only 18.9 million bitcoins were issued, leaving about 2.1 million yet to be mined. Bit Digital’s investment in the mining business hopes to tap into the cryptocurrency’s potential for growth and the opportunity to mine what is left of the yet-to-be-issued coins (https://ibn.fm/h16gO). After all the coins are mined, miners are expected to receive compensation solely through transaction fees.
Cryptocurrencies might have been in the news recently for their volatility, having previously been considered a reliable asset during economic uncertainty. However, with over 2 million coins yet to be released, crypto mining is proving to have tremendous value. For Bit Digital, its investment in miners on the spot market and application-specific integrated circuit (“ASIC”) chips allow for greater and faster output, resulting in increased returns for the company.
Bit Digital is illustrative of the opportunity that exists in the cryptocurrency market. With over 27,000 miners as of September 30, 2021, the company is confident that it has what it takes to take on the industry and become the undisputed leader.
For company information, visit the company’s website at www.Bit-Digital.com.
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