Current trends are worrying and various US led policies have led to a significant devaluation in currencies across the world. Traditional catalysts like rising inflation levels and increasing debt have also played a role.
In essence, everything depends on how the European and American economies perform. This is cause for much consternation and there is a need to develop contingencies. This is where the idea of a decentralized digital asset that can be transferred anywhere in the world at no transaction costs is immensely appealing.
According to markets research. “ The cryptocurrency market, this market was valued at USD 541.0 Million in 2017 and is expected to reach USD 2,902.0 Million by 2023, at a CAGR of 32.31% between 2017 and 2023. The cryptocurrency market is witnessing significant growth because of the benefits of compliance-free peer-to-peer transaction, cross-border remittance transfer, and increase in use cases, as well as some macro drivers such as volatility in the stock market and fluctuating monetary regulations in different countries. The growth of the cryptocurrency market is further propelled by the transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost.”
This clearly indicates that the various benefits of cryptocurrencies coupled with the fact that it acts as insurance against national economic failure has helped it find many takers. It would not be far-fetched to see cryptos fast becoming the currency of choice in 2025 as it epitomizes personal freedom.