Cryptocurrency Industry Predicted to be Worth $10 Trillion In 10 Years
On the Fast Money Segment, the news channel spoke with Mitch Steves, an RBC capital market analyst, who made a bold prediction that the cryptocurrency industry is likely to hit $10 trillion in market value in just 10-15 years.
In an interview, Steves justified his prediction as part of his most recent research report on the Blockchain ecosystem.
He emphasized that there is a high chance for the current market capitalization at present to increase by ten folds in 10 years’ time. Steves also said that the estimated $10 trillion forecast comes from 30% of the $30 trillion in assets in gold and assets held in offshore funds.
One interesting point that Steves highlighted during the interview is the fact that companies that are currently in the process of engaging in cryptocurrency technology and disrupting the traditional ones are, in fact, forming what can be considered as “web 3.0”.
In his own words, he described the phenomenon as a rise of the globalized decentralized computer.
RBC's Mitch Steves says the cypto space is worth $10 trillion pic.twitter.com/XFyiJhaUHw
— CNBC's Fast Money (@CNBCFastMoney) January 4, 2018
On the other hand, he also acknowledged that the growth of the cryptocurrencies market also come with very high risks. He highlighted that many of the storage systems for crypto coins such as Bitcoin are ‘hackable’.
Another problem pointed out is that transactions are also traceable. The forecast is also expected to boost the interest of people in cryptocurrencies and the Blockchain technology.