Bitcoin will be the sixth largest world reserve within 15 years according to the research carried out by Magister Advisors among blockchain companies.

London and Silicon Valley-based technology and Internet advising company Magister Advisors interviewed 30 blockchain start-ups and the majority of executives said that bitcoin would become the sixth largest global reserve currency by 2030. Blockchain will be central to finance, the study reveals.

“We have now reached a fork in the road with Bitcoin and blockchain. Bitcoin has proven itself as an established currency. Blockchain, more fundamentally, will become the default global standard distributed ledger for financial transactions," Jeremy Millar, a partner at Magister Advisors, said.

According to the study, world leading financial institutions already have a number of bitcoin-related projects underway and are likely to invest more than $1bn into the industry in the next 2 years. The research also emphasises the potential of developing markets and mobile payments for the rise of bitcoin.

“Two million smartphones are being activated per day, so the question arises in developing economies, especially those where corruption is a factor, why open a bank account?” Millar added.

Sonya Belova