Bitcoin will see its market share grow over time, according to a new report from CoinDesk.
The currency exchange and carpentered shop market has seen rapid growth over the past few years, with the number of trades recorded as high as 10 million in 2016.
While the currency is currently trading at around $1,000, its market price is currently around $750 per bitcoin.
Bitcoin prices have also seen a rapid increase since last summer, rising from $1.20 to over $3,000.
However, the currency’s market share is still relatively low at around 2% of all trades, but the report highlights that there is still a big demand for Bitcoin as a means of payment.
“There is still room for growth and a lot of people have started to consider Bitcoin as an alternative to fiat currencies, as it is cheaper and easier to use,” said the report’s authors.
The report also found that carpentery shop trade volume is expected to grow to 4% of total trade volume by 2025.
“Bitcoin is still an obscure digital currency, and the market is still immature, but it is gaining momentum,” said John Bogle, co-founder and CEO of the Vanguard Group.
The value of Bitcoin has also grown steadily over the years.
At the start of 2017, the digital currency was trading at $400, and since then has climbed to more than $4,000 per coin.
In 2016, Bitcoin was trading for less than $500, but now is trading for nearly $1 million per coin, according the CoinDesk report.
“I think the bitcoin price has been a bit volatile over the last year, but we have a long way to go,” said Brian Hart, coauthor of the report.
The UK-based exchange is known for its low fees, as well as having the highest trading volume of any exchange.
“This is because the UK government is the largest issuer of fiat currency in the world,” said Hart.
“So it has a very strong interest in keeping prices low and allowing traders to make profit.”
The report has been published in the latest issue of CoinDesk, which is now available in more than 200 countries.