Cryptocurrencies and blockchain may unlock a USD 10 trillion market

A research analyst at the Royal Bank of Canada (RBC) has pictured cryptocurrency, blockchain technology and decentralization as a potential USD 10 trillion ecosystem.

Though startups that enable cryptocurrency protocols to serve as decentralized alternatives to proprietary services or as a means of transmitting remittances have garnered the most interest throughout the ecosystem's formative years, Mitch Steves, an equities analyst with RBC's Capital Markets, argues that the protocol layer is where most of the value will be realized.

According to the report, there currently exists an at least USD 4.2 billion market for bitcoin mining equipment with an additional USD 350-450 million for other ASIC-mined cryptocurrencies like bitcoin cash and another USD 1.9 billion market for GPU-mined coins like ethereum and monero. The report argues that decentralized technology in its actual state is misunderstood and underrated, claiming that cryptocurrencies are becoming better able to handle an increasing number of transactions.

Steves said that continued progress on these fronts, however, will be a boon for the development and mainstream adoption of a global supercomputer, whether it be ethereum-based or on an alternative, provided that blockchain’s impeccable security record remains spotless.