The Bitcoin market is expected to grow 678 per cent by the end of the year 2072, while the non-fungible token (NFT) market will grow 1,200 per cent during the same period, according to a research report by Italy-based company Fast Private Jet, an aviation firm.
The report further pointed out that if the investors can overlook the volatility of the Bitcoin market and take risk, they can expect to see a return of 12.56 per cent per year during this period.
The #FastPrivateJet study highlights the world's most crypto-friendly destinations at Forbes! Go check it out: https://t.co/NDqxlnmFfx— Fast Private Jet (@FastPrivateJet) March 21, 2022
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Bitcoin is considered to be the most popular and valued cryptocurrency because of its peer-to-peer network that allows online transactions to happen instantly.
Based on the current market value, which is over £42 million, Bitcoin would be worth £274 million in 50 years, said the report. “This suggests that investors can expect to see big, long-term results if they invest now,” it adds.
It also highlighted some risks. “Some risks come with investing in the Bitcoin market. The first being the large-scale Bitcoin scams that have caught out hundreds of people in recent years along with the unpredictable nature of the market due to big investors and celebrity input," the report says.
Despite increasing adoption, risks remain. For instance, though El Salvador adopted Bitcoin in September 2021, but not a single merchant in the Central American nation has processed a single Bitcoin transaction ever since. This was revealed by the First Business Survey 2022 report, carried out by the Chamber of Commerce and Industry of El Salvador (Camarasal) between January 15 and February 9, 2022.
What About the NFT Market?
The Fast Private Jet report also discusses the NFT market, which is expected to be worth over £1 billion by 2025.
NFTs are digital assets that use the blockchain to document the ownership of items such as images, videos, and other collectables.
It highlighted that NFTs have made a place for themselves in the blockchain market, and the worldwide market is estimated to be around £458 million. The most expensive NFT sold to date is The Merge by Pak, which sold for $91.8 million on Nifty Gateway in December 2021.
The report expects the NFT market to grow by a further 1,200 per cent, reaching £5,954 million by 2072.
“NFTs are consistently growing at a yearly rate of 23.99 per cent, meaning that even short-term investors can expect to see a healthy return. Additionally, in the next five years alone, the NFT market is expected to grow by nearly 150 per cent, and if investors hold onto these, in 30 years’ time, this will increase to 1,000 per cent,” says the Fast Private Jet report.