10-16-17 08:50:52A new report from research firm Gartner has revealed that the cryptocurrency is on track to become the world’s fastest-growing digital currency.
The report, titled “Bitcoin and the Future of Financial Services,” has been released by the digital financial services industry body Gartners, which aims to improve the way companies, governments and consumers manage their money and finance their lives.
In a report titled “The Blockchain Revolution: The Future of Finance,” Garters said that the crypto-currency is expected to grow from its current $12.3 billion market cap in 2017 to $40 billion by 2027.
It added that the growth of bitcoin is driven by two factors: an unprecedented level of adoption and a growing amount of global demand for the technology.
While bitcoin has had a very short lifetime, Gartters estimates that it will be around 1,000 years before bitcoin has a worldwide user base of 100 million.
Gartners estimates that in the next 20 years, the number of bitcoin users will grow from around 5 million to 100 million people.
Gesture of the hand, and the digital currency’s adoption, will be a key factor in the growth in bitcoin’s adoption.
Gistner estimated that bitcoin adoption would reach 2 billion by 2020, while the average daily transaction volume would reach $10 million.
The Gartener report notes that bitcoin’s use cases are broad and include everything from simple payments and payments on a peer-to-peer basis to remittances, and in addition, many of its uses could potentially be expanded to more traditional payment services such as credit cards.
Gittner predicts that by 2040, bitcoin will be used for $10 trillion of transactions worldwide, with 80 percent of that amount being transactions made in countries where it is accepted.
However, the report also states that the technology will continue to be limited in the amount of transactions that can be made in a given period of time.
For example, Gartzner noted that by 2020 bitcoin transactions will only be possible with a maximum of 20 transactions per second.
The technology is also restricted in the way that it can be used to transfer money to a third party, for example, to an ATM or debit card.
Bitcoin’s growth comes on the heels of a number of other major announcements.
Earlier this week, the US Treasury Department announced that it had approved the sale of bitcoin futures on the NYSE, as well as the introduction of bitcoin derivatives into the financial system.