According to forecasts from Bernstein, the crypto market will likely be legalized in most countries around the world in the next five years.
This will result in the industry’s revenue reaching an estimated $650 billion in the years to come.
Analysts emphasize the pivotal role of legalizing the market in the United States, where there is currently no regulatory framework for crypto businesses.
As a result, companies focused on digital assets may need to relocate to more accommodating countries.
The legalization of Bitcoin-based exchange-traded funds (ETFs) will also be a significant development for the industry.
If such tools become available on the American market, institutional investors will have a strong avenue for entering the cryptocurrency space.
Bernstein believes that 2024 will be a crucial year for the industry, with the potential legalization of crypto ETFs and other regulatory changes. Overall, the next few years are expected to be critical for the industry’s growth and development.