Topic: One stock analyst's $10 trillion bull case for cryptocurrencies (Read 64 times)

Cryptocurrencies and the blockchain technology underlying them could become a $10 trillion market in 15 years, RBC Capital Markets analyst Mitch Steves says. The most well-known digital currency today is bitcoin, which has grown rapidly over the last several months into a cryptocurrency with a market cap of more than $250 billion..

Digital currency proponents say the greater potential lies in the blockchain technology behind bitcoin. Bitcoin became the first application of blockchain technology nearly a decade ago, and in the last several years developers have used the technology to create other digital coin systems..

Other applications of blockchain technology create tokens that can be used to access the network's services, such as cloud storage or trading. All these applications can create the next generation of the internet, or a "world computer," the value of which could rise into the trillions of dollars, Steves said in the report..

Steves pointed out in his report that many storage systems for bitcoin are hackable, and governments have no incentive to catch thieves of a currency not recognized as legal tender. Finally, the RBC analyst noted that some cryptocurrencies as they exist today face challenges of being able to scale, and are subject to cyberattacks or manipulation.

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