In 10 Years There Will Be 1 Billion Cryptocurrency Users, Coinbase CEO Predicts
2022.05.03 11:20
In 10 Years There Will Be 1 Billion Cryptocurrency Users, Coinbase CEO Predicts
- Brian Armstrong, CEO of U.S. exchange Coinbase (NASDAQ:COIN), believes that in the next decade the industry will undergo gigantic expansion.
- CEO of ARK Investment Cathie Wood, an ally of Armstrong, has expressed similar expectations about the crypto market.
- Both are of the belief that the uncertainty created by the regulatory process in the U.S. has hampered the advancement of crypto.
CEO of Coinbase Global Inc. Brian Armstrong claims that within a decade the number of cryptocurrency users worldwide will reach one billion. The claim was made on Monday during the ‘Milken Institute Global Conference‘.
Currently, there are approximately 200 million cryptocurrency and digital asset enthusiasts around the world. But that figure will grow in the next 10 years according to the forecasts of the crypto executive.
“My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy,” Armstrong said during a conversation with ARK Investment Management LLC CEO Cathie Wood, Bloomberg reported.
Despite the dramatic stagnation of the crypto market, and the drop in the value of Bitcoin, which has fallen by around 17% since the beginning of the year, both Armstrong and Wood continue to bet big on the growth of crypto trading.
“In the case of DeFi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto. So they have to take it seriously, or else they are going to be hollowed out,” Wood said.
The executive of Ark, one of Coinbase’s most important shareholders, underlined that there is a lot of uncertainty floating around due to the regulation of the crypto industry in the United States. In her opinion, this has negatively influenced the cryptocurrency market.
She also explained that the industry’s regulatory process has developed at a slower pace than the internet had, while Armstrong noted that “it’s been harder and harder to meet a true crypto skeptic in (Washington) DC.”
He indicated that, in the U.S. capital, 50% of people or more support the growing cryptocurrency market.
On the Flipside
- The two executives offered their thoughts amid rising skepticism about the immediate future of cryptocurrencies.
- Since its all-time high of $69,000 in November, Bitcoin has fallen far, hovering at $38,500 this week.
- The largest cryptocurrency in the world has had a hard time breaking the $44,000 barrier this year.
Despite this, Cathie Wood sees crypto as the gateway to a world of possibilities, including the decentralized finance sector, where some measure of regulation has been put into place. The DeFi space has led many to have great and promising expectations for the growth and evolution of the financial system.
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