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Blockchain Industry Will Be Valued at $21 Billion Globally by 2025, Research Suggests

A research study by Fortune Business Insight, a market reporting and consulting firm, suggests the global blockchain industry will be valued at a mammoth $21 billion in the next five years.

Global Stimulus for Blockchain

The report explored the rise of financial technology and blockchain companies working towards financial inclusion and targeting developing countries and regions to leverage growth. Such regions, incidentally, have witnessed a growth in educated talent in the past decade, and are well-suited to interact with and understanding distributed ledger mechanisms.

The study noted blockchain’s market was valued at just $1.67 billion in 2017. But the rise in institutional adoption, developed countries introduced legal and financial framework, and the massive public interest in cryptocurrencies have contributed towards the industry’s growth.

Furthermore, as software and financial companies launch blockchain-based projects and divisions, the surge in related services and products is imperative. Fortune notes internal investment in blockchain projects is increasing as well, with annual budgets now devoted a small percentage of funds towards the effort.

The study stated, “The blockchain technology market size stood at USD 1.64 billion in 2017, and is projected to reach USD 21.07 billion by the end of 2025 exhibiting a CAGR of 38.4% during 2018-2025.”

Government and Company Projects Bolster Growth

Government and regulatory interests are listed as another major theme driving blockchain growth. Fortune says regulatory approvals and calls for research, seen in countries like China, will tend to accelerate blockchain development internationally.

Source: Fortune Business Insight

A few companies cited IBM as a potentially “dominant” player in the enterprise blockchain field. Others, like the Linux Foundation, Microsoft Corporation, and Oracle, have already started blockchain projects in a limited capacity.

Despite the current global market recession and increasing unemployment rates, blockchain jobs continue to rise due to the booming industry.

Earlier this week, Blockchain.News reported on a similar projection by the Allied group. The market of “Identity management” on the blockchain is poised to be an $11 billion industry by 2026, the report noted the increased need for authenticity and product reliability is a worldwide need, and distributed systems can help fill that gap.

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JPMorgan CEO Admits He Does Not Care About Bitcoin But Foresees 10 Times Growth in 5 years

In a recent interview with the Times of India, JPMorgan’s Chief Executive Officer, Jamie Dimon, admitted that he does not care about Bitcoin in direct response to whether the digital currency should be banned or regulated.

Dimon noted that he could not seem to place why there is so much fuss around the premier digital currency, adding that people waste too much “time and breath” on it.

Commenting on the potential for the coin to be regulated, the banking guru said he believes “it is going to be regulated” eventually. However, he cannot place under what category the nascent asset will be placed. He highlighted the potential possibilities to include assets, foreign exchange, digital currencies, or even security. Dimon pointed out that each country will act uniquely based on how they will choose to regulate cryptocurrency.

In Dimon’s own words;

“I don’t really care about Bitcoin. I think people waste too much time and breath on it. But it is going to be regulated. […] And that will constrain it to some extent. But whether it eliminates it, I have no idea, and I don’t personally care. I am not a buyer of Bitcoin.”

Amidst the broad pessimism the banking veteran pointed out, he said despite the uncertain regulatory climate surrounding the cryptocurrency, it does not mean the asset cannot grow by 10x in the next five years from the current level it is trading at. Should the cryptocurrency near this price point in the projected time frame, it will be trading at a price of over $420,000 and atop a valuation of over $8 trillion.

Bitcoin has continually being a sweet point of debate amongst mainstream financial analysts and investors, with a major camp notable bearish on the coin on the grounds of extreme volatility. The other group are those whose insistent clamour for an imminent price surge is helping to drive the retail enthusiasm we continue to see in periods of major corrections.

BitKeep Wallet Surpasses 10 Million Users

Decentralized multichain digital wallet solution BitKeep Wallet has announced that it has surpassed 10 million users as of April. The platform has seen tremendous growth in recent months, with over 560,000 new users onboarded in March alone. This growth can be attributed to the success of BitKeep’s campaigns with popular blockchains like Arbitrum and Sui.

The recent Arbitrum campaign was a significant contributor to BitKeep’s surge in user numbers. The campaign involved the successful launch of ARBK, which recorded 708,800 on-chain transactions and was airdropped to over 100,000 users participating in campaign-related tasks and activities. ARBK was exchangeable for ARB, the official native token of the Arbitrum chain, and ranked first on Arbitrum’s ecosystem popularity chart with 150,000 token-holding addresses and an interaction volume of 330,000.

In light of BitKeep’s recent success, cryptocurrency derivatives exchange Bitget has invested $30 million into the platform. As a result of the investment, BitKeep will be rebranded as Bitget Wallet, but will continue to function as an independent entity both operationally and structurally. BitKeep will focus on building its ecosystem and independent tokenomics while protecting the rights and interests of existing BitKeepers and BKB holders during the transition process.

BitKeep Wallet’s success can be attributed to its multichain digital wallet solution, which allows users to manage their digital assets across various blockchains seamlessly. BitKeep currently supports over 20 public chains, including Ethereum, Binance Smart Chain, Polkadot, and more. This versatility has made BitKeep an attractive option for many crypto investors and traders looking for a user-friendly and secure wallet solution.

In addition to its digital wallet offering, BitKeep has also launched BitKeep Defi, a decentralized finance platform that allows users to access a variety of DeFi services, including staking, lending, borrowing, and more. BitKeep Defi aims to create a more accessible and user-friendly DeFi ecosystem, making it easier for everyday users to participate in the world of decentralized finance.

The investment from Bitget will enable BitKeep to continue to innovate and expand its offerings, providing users with even more options for managing their digital assets. The rebranding to Bitget Wallet will also help to solidify BitKeep’s position as a leading player in the digital wallet space, with a focus on providing users with a seamless and secure experience across multiple blockchains.

In conclusion, BitKeep Wallet’s recent announcement of surpassing 10 million users and the investment from Bitget marks a significant milestone for the platform. With its user-friendly multichain digital wallet solution and BitKeep Defi platform, BitKeep is well-positioned to continue its growth and innovation in the crypto space.

UK's 2023 Economic Outlook Report: Inflation Surges, Growth Adjusted Downward

The latest report on the UK’s economic forecast for 2023 reveals several pivotal shifts in the nation’s financial landscape. Here’s what you need to know:

GDP Growth

The UK’s projected GDP growth for 2023 has been adjusted downwards to 2.8%, a dip from the previously estimated 3.1%. This modification is influenced by factors such as global supply chain disruptions and the surge in energy prices.

Inflation on the Rise

Inflationary concerns are mounting as the rate is predicted to average 3.5% in 2023, exceeding the Bank of England’s 2% target. The report pinpoints “rising wages and commodity prices” as the main contributors.

Labour Market Health

Signs of recovery in the job market are evident, with the unemployment rate forecasted to decline to 4.2% by the close of 2023.

Housing Sector

A 5.3% average increase in house prices is anticipated for 2023, marking a slowdown from the 7.1% ascent observed in 2022.

Trade Dynamics

The UK’s trade deficit is set to expand to £28 billion in 2023, up from £24 billion the prior year. Reduced exports to EU nations and augmented imports from non-EU countries are highlighted as underlying reasons.

Bank of England’s Strategy

In light of the inflationary pressures, the Bank of England could elevate interest rates to 1.5% by mid-2023.

Brexit’s Continued Influence

The protracted impacts of Brexit remain evident in the UK’s economy. Sectors such as “agriculture and fisheries” are grappling with challenges, particularly in accessing European markets.

Global Economic Context

On the international front, the global economy’s growth is pegged at 3.6% for 2023. The report, however, flags potential risks like “geopolitical tensions” and pandemic-related disruptions.

Government Finances

While public debt as a proportion of GDP is poised to decline to 84% in 2023, the absolute value of this debt is on an upward trajectory. This implies escalating borrowing costs for the government.

Business Investment Focus

Businesses in the UK are gearing up for a 4.7% growth in investments come 2023. Key areas of interest include “technological advancements” and “green initiatives.”

As the UK navigates the complexities of a post-pandemic and post-Brexit world, these forecasts provide a roadmap of challenges and opportunities ahead. Analysts and policymakers alike will be closely watching the interplay of domestic and international factors that shape the UK’s economic trajectory. While the adjustments to GDP growth and the surge in inflation are key focal points, the resilience of the UK’s labor market and the strategic shifts in business investments underscore the nation’s adaptability. The unfolding months will be crucial in determining how these predictions align with real-world outcomes, and whether the proactive measures suggested, such as the Bank of England’s potential rate hike, will be implemented to stabilize and bolster the UK economy.

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