The survey indicates trends from the past two years are continuing in 2016.
Venture capital backed investment in bitcoin and blockchain companies jumped from $3 million in 2011 to $474 million in 2015, CCN reported in March. The number of deals rose from two in 2011 to 75 in 2014 and 74 in 2015.
The $1 billion estimate is based on Greenwich Associates survey participants’ yearly budgets for blockchain-related initiatives, which surpasses $200 million.
Blockchain is a distributed, encrypted system of transferring assets. It is the architecture behind bitcoin and is considered by many in the financial industry as having the potential to transform finance.
A majority of the 134 survey participants agreed blockchain technology has the capability of changing capital markets within the next five years. The participants included asset managers, banks, exchanges and blockchain technology firms.