A recent study predicts that in the following seven years, the worldwide cryptocurrency revenue will reach $1.1 trillion.
Macroeconomic trends and crypto regulation are two important themes that GlobalData recently identified in its research, “Thematic Intelligence: Cryptocurrencies,” as those most likely to have an impact on the growth of cryptocurrencies over the coming years.
The massive explosions of Terra and FTX were the catalysts for the crypto winter in 2022, which resulted in a decline in worldwide cryptocurrency profits to around $33 billion. While the highlighted trends continue to face challenges, GlobalData predicts that the asset class’s overall development trajectory will result in total revenue exceeding the $1 trillion mark by 2030.
An increase in crypto casinos is being driven by clear laws
According to GlobalData, the regulatory landscape, which is still changing as some jurisdictions alter the narrative towards policies that are more crypto-friendly, will be crucial to this prognosis.
The most comprehensive framework is provided by the EU’s Markets in Crypto-Assets (MiCA) law. The Financial Services Markets Bill (FSMB), which was just passed and might become law as early as next year, is part of the UK’s effort to become a hub for the cryptocurrency industry.
In particular, it is anticipated that greater clarity in favor of cryptocurrency firms will boost usage of cryptocurrencies. People are more inclined to try their luck at online casinos as a result of the global easing of gambling laws. There is a noticeable increase in the number of overseas casinos that may be accessed, many of which operate under licenses from respected regulatory organizations. The result of this scenario is that new payment methods will be used, and as more people learn about the advantages of cryptocurrencies, they will use them more frequently.
While projections for the size of the online gaming business indicate a compound annual growth rate (CAGR) of 11.7% from 2023 to 2030, GlobalData projects that the market for the metaverse would be worth $627 billion by 2030.
According to the analysis, the market share of sports betting and casino platforms will grow, since these sectors of the business are now experiencing an influx of funds due to the rise in cryptocurrency use.
