Share this article
Bernstein Expects Crypto Revenue to Jump to Around $400B by 2033
The broker expects on-chain revenue to grow to about half of total cryptocurrency revenue from around 15% today.
By Will Canny
Updated May 9, 2023, 4:06 a.m. Published Jan 16, 2023, 11:21 a.m.
This year will lay the foundations for a decade-long “golden age” of innovation for cryptocurrency applications, as crypto pivots from a fat infrastructure thesis to a fat application thesis, Bernstein said in a research report on Monday.
The broker expects total crypto revenue to grow by sixteen fold in the next 10 years, from around $25 billion in 2023 to about $400 billion by 2033.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Of the estimated $400 billion revenue pool, Bernstein says that “decentralized blockchain-driven revenue” will account for nearly half of the total revenue pool from only 15% today.
Bernstein expects on-chain revenue to inflect from less than around $4 billion today to close to almost $200 billion in the next ten years, driven by “innovation in blockchain scalability and application growth across financial services and consumer tech segments.”
Consumer and finance applications are expected to account for about 75% of on-chain revenue from around 40% last year, the report said.
Within on-chain financial applications, decentralized exchanges (DEX), lending and structured/tokenized products are expected to be the lead revenue drivers, the report added.
Non-fungible-token (NFT) based gaming revenue is predicted to be the largest driver of growth within on-chain consumer applications, and for off-chain revenue, Bernstein expects institutional services - including prime broking, custody and market making - to be a growth driver.
Read more: Bernstein: Recent Gains in Some Cryptocurrencies Caused by Short Covering
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
