Cryptocurrencies could be worth $1 trillion in 2018: Blockchain CEO

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Peter Smith, chief executive officer of Blockchain Ltd.

The total value of all cryptocurrencies in the world will hit $1 trillion in 2018, the CEO of one of the world’s largest digital wallet platforms told CNBC Monday.

There are over 1,300 cryptocurrencies in the world such as bitcoin and ether with the total market capitalization totaling over $587 billion, according to data from industry website Coinmarketcap.com. Market cap refers to the total value of all of the digital coins in circulation.

Peter Smith, CEO of Blockchain, which is a digital wallet provider to store cryptocurrencies, said this is likely to nearly double next year.

“I think that we’ll see the total market cap of digital assets hit a trillion dollars in 2018. I don’t know if it’ll hold a trillion dollars but I think we’ll see that milestone breached,” Smith told CNBC in a TV interview Monday.