Mergers and acquisitions were strong in the crypto space all throughout 2020, but the numbers posted last year are most likely going to get dwarfed by M&A performance throughout 2021, according to accountancy firm PwC.
According to a report published earlier this week, mergers and acquisitions were fairly high in 2020, but they are about to skyrocket in 2021, after hitting a $1.1 bn milestone last year.
The average deal size went from $19.2m to $52.7m and these numbers are continuing to rise.
PwC analyst Henri Arslanian expressed confidence in the staying power of the trend, noting that 2021 is “already on track to significantly surpass  from every single metric”.
The company is equally confident in the potential presented by institutional investment, which should remain steady. Retail consumers have also played a part in underpinning cryptocurrency's value, but they are not alone.
Many investors have sought out closer involvement with the crypto sector, including JP Morgan, Morgan Stanley and Citibank. There is a real, economic reason behind this and it's not based on over-inflated assets such as NFTs, argued PwC.
Instead, blockchain may actually boost the global economy by $1.76trn by 2030, the firm argued. Many companies have already invested in blockchain and cryptocurrencies. Visa is going to facilitate payments on the Ethereum network.
Tesla is allowing consumers to buy vehicles with Bitcoin and other companies are all queuing up to make the use of crypto in daily lives far easier.