Bernstein: Crypto industry will become a regulated industry in five years

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Experts of the analytical company Bernstein said that the cryptocurrency industry will move to a formal, regulated industry with revenues of $650 billion in five years.

Analysts note that such growth will be caused by the launch of exchange-traded funds (ETFs) for bitcoin in the United States.The current "cottage industry" has about $50 billion in assets under management, equivalent to about 4% of the current cryptocurrency market size.

Bernstein's study comes months after several companies, including BlackRock, filed for a spot ETF with the U.S. Securities and Exchange Commission (SEC).At the beginning of this month, the regulator postponed a decision on all applications until October. 

Bernstein believes that demand will be driven by "investment advisors, integrated products for high-net-worth individuals and private banks, and easier access to ETFs in direct brokerage accounts."This means that the share of ETFs in the Bitcoin and Ether market will be10%.

"Crypto adoption follows hype cycles, and we expect it to betake place on the "hockey stick principle" and 2024 will be decisive for the approval of ETFs," the report says.

For example, Eric Balchunas, senior ETF analyst at Bloomberg, is confident that spot bitcoin ETFs will appear in the United States before the end of 2024.