According to new industry research the total value of Bitcoin transactions is expected to exceed $92 billion this year – up around 240% from less than $27bn in 2015. But it should be noted that the vast majority of this forecasted year-end figure – probably more than $90bn – will be accounted by transaction volumes on exchanges and relatively little spent on products.

The increase in transactions is a result of Brexit, weakness in the Chinese economy and a reduction in money supply. But a victory for Donald Trump in the US Presidential could also play a part and potential excite things further.

It is anticipated that on a global basis, average transaction values for 2016 will reach $859, significantly higher than the average for the year to date of $623.

The rise in Bitcoin value and transaction activity has meant that the value of Bitcoin transactions in the first six months of the year is approximately 2.8 times its value in the first half (H1) of 2015. The scale of increase rises to 3.2 times when only transactions in June are considered.