Market Insights Financial Digital Assets

Cryptocurrencies - Iraq

Iraq

In 2024, the projected revenue in the Cryptocurrencies market is expected to reach US$223.6m.
It is estimated that the revenue will grow annually at a rate of -4.74% from 2024 to 2025, resulting in a projected total of US$213.0m by 2025.
The average revenue per user in the Cryptocurrencies market is projected to be US$133.2 in 2024.
When comparing globally, it is evident that United States generates the highest revenue in the market, reaching US$9,788.0m in 2024.
The number of users in the Cryptocurrencies market is expected to reach 1,687.00k users by 2025.
The user penetration rate is projected to be 3.61% in 2024 and is expected to increase to 3.55% by 2025.
It is worth noting that these statistics pertain to the global Cryptocurrencies market and do not specifically focus on in Iraq.
Despite the lack of regulatory framework and technical infrastructure, there is a growing interest in cryptocurrencies among young tech-savvy Iraqis.

Key regions: United Kingdom, Brazil, United States, Germany, South Korea

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Region

Region comparison

Currency

Analyst Opinion

Currently, the cryptocurrency market has been experiencing a period of volatility, with fluctuations in the value of major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The market has also seen a rise in the number of altcoins, or alternative cryptocurrencies, with unique features and use cases.
Several growth factors are driving the growth of the cryptocurrency market, including increasing acceptance and adoption of cryptocurrencies by individuals and institutions, growing interest in decentralized finance (DeFi) platforms, and the potential for cryptocurrencies to serve as a hedge against inflation and political instability. Additionally, advancements in blockchain technology and the increasing use of cryptocurrencies for cross-border transactions are also contributing to market growth.
The cryptocurrency market is expected to continue growing in the coming years. The increasing adoption of cryptocurrencies by businesses and individuals, along with the ongoing development of DeFi and other blockchain-based platforms, is likely to fuel this growth. However, the market is also likely to experience volatility and corrections, as is typical with any emerging and rapidly evolving market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.