The unique combination of anonymity and traceability that Bitcoin offers for financial transactions is the main driver for growth, according to new research from The Association of Financial Analysts.
Around a third of respondents backed these twin factors as the biggest driver for growth. Bitcoin has become the most prominent cryptocurrency that balances global transparency of every transaction with anonymity for individual users.
The potential for wider political and societal change was close behind in respondent sentiment with around 20% backing these factors as key.
Doubts cast on Bitcoin bubble
Despite intense media speculation about an upcoming collapse of a ‘Bitcoin bubble’ the findings suggest the demand for Bitcoin as a commodity or investment is relatveily low, with only around 14% of respondents seeing this as a main driver.
Research from the Association of Financial Analysts also predicted that the cryptocurrency market may rocket above the US$1 trillion mark in the next six months. In total, just under half or 42 percent of respondents expected the market to return to growth, either returning to the peaks reached at the end of 2017 or exceeding them.
The findings are due to be published in the Association of Financial Analysts forthcoming cryptocurrency report.