We can see a lot of different information about what could drive its growth (and whether such a driver exists at all).

I believe the main catalyst for growth is the expansion of crypto adoption worldwide, easier onboarding, and the development of infrastructure.

I would also pay attention to projects that are already working on quantum-resistant security.

Here is the history of the Forex market — and with high probability, something similar could happen to crypto.

A Brief History of the Foreign Exchange (Forex, FX) Market

From “bank dealing by phone” to the largest financial market in the world

Unlike equities, FX does not have a traditional market capitalization.

Its size is measured primarily by daily trading volume and liquidity.

1) Early stages: before the internet and modern electronic trading

Currency exchange has existed for centuries.

Organized exchange activity appeared in Europe as early as the 16th–17th centuries (notably around Amsterdam) to facilitate international trade.

However, the modern FX market, capable of determining exchange rates in real time, emerged after major economies abandoned the gold standard in the 1970s, allowing currencies to float freely.

Before the internet era:

Trading occurred mainly between large banks in the interbank market

Deals were executed by phone or via closed systems

Access for retail traders was extremely limited

👉 In the mid-1980s, estimated daily FX turnover was roughly ~$100 billion per day.

2) The rise of the internet and retail access

The 1990s–2000s digital revolution dramatically expanded market access:

Banks and institutions adopted electronic trading networks

Online brokers and platforms opened FX to retail traders worldwide (MetaTrader, ECNs, etc.)

Clients could connect directly via the internet, sharply increasing liquidity and participation

Today, FX operates 24 hours a day, five days a week, as a decentralized global OTC market with no single physical location.

3) How the market size evolved

Because FX has no fixed capitalization, its scale is measured by average daily turnover.

Historical reference points (daily volume)

Year Average daily FX turnover

1983 ~ $100 billion/day

1998 ~ $1.5 trillion/day

2010 ~ $4–5 trillion/day

2022 ~ $7.5 trillion/day (BIS)

2025 ~ $9.5–9.6 trillion/day (BIS Triennial)

📌 Conclusion:

Daily FX turnover has grown roughly 90–100× since the 1980s.

Estimates of the market’s “total size”

Beyond daily turnover:

Some analysts estimate the aggregate global FX exposure at roughly

$2.0–2.4 quadrillion in cumulative currency assets and liabilities.

This is only an approximate conceptual measure, since FX structure does not allow a clear capitalization figure like equities.

Why the FX market became so large

🔹 Expansion of global trade and cross-border investment

🔹 Technology and internet brokers enabling retail participation and automation

🔹 Institutional hedging strategies and swaps, which make up a large share of volume

🔹 24-hour trading across time zones, sustaining constant activity

Final takeaway

Before the internet, FX was primarily an interbank market with modest volumes and minimal retail access.

With technological progress and online connectivity, it expanded to roughly

$9.5–10 trillion in average daily turnover by 2025, making it the largest financial market in the world.

Estimates of the total currency flows can reach quadrillions of dollars, far exceeding any equity market.