Market News: Royal Bank of Canada reports Crypto and Blockchain Are To Become $10 Trillion Industry

Royal Bank of Canada report released Wednesday explores the future of cryptocurrency and blockchain, presenting a vision of a $10 trillion market.

“While the cryptocurrency space has many risks, the opportunity appears vast with constant technology updates,” wrote Mitch Steves, an equities analyst with RBC’s Capital Markets subsidiary.

Despite the companies that allow cryptocurrency protocols to serve as decentralized alternatives to proprietary services or as a means of transmitting remittances currently attract the lion’s share of attention, Steves believes that the most value will be discovered within the protocol layer on which this services will be built.

“We see that the protocol layer will capture more value than the applications,” he wrote, adding:

“As the application becomes successful, the protocol layer captures more value, which then creates more interest in additional decentralized application development.”