Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, said the number of people who have used or tried cryptocurrencies will reach 1 billion in a decade, which will make an even greater contribution to the global economy.
Is “non-regulation” the main obstacle to adoption?
According to Brian Armstrong, the democratization of cryptocurrencies is still in its infancy. According to Bloomberg, the head of the cryptocurrency exchange Coinbase predicted that in 10 years there will be 1 billion cryptocurrency users, compared to 200 million now.
“I think in 10 to 20 years we will see a significant portion of GDP in the crypto economy,” Brian Armstrong said Monday at a global conference at the Milken Institute in Los Angeles.
According to Statista, the number of cryptocurrency users increased by almost 190% between 2018 and 2020, before increasing sharply in 2021. Corporate interest in cryptocurrencies such as Tesla has grown over the past year, and El Salvador has adopted bitcoin as legal tender. .
His estimates are relatively conservative compared to those of another major platform, Crypto.com. In fact, in December last year, the company said it expects 2022 to be the year when the number of cryptocurrency users worldwide reaches 1 billion for the first time.
The company estimates that as of November 2021, there are more than 292 million cryptocurrency users worldwide. Similarly, in February 2021, Crypto.com claimed that it aims to reach the mark of 100 million users by 2023. Coinbase claims to have confirmed more than 89 million users.
The director general also reiterated that regulatory uncertainty in the United States remains a major driver of the crypto industry. According to him, the regulatory framework related to cryptocurrencies is developing at a much slower pace than the Internet.
Crypto attracts many talents
Brian Armstrong is not alone in believing in the potential of this ecosystem. The same enthusiasm was shared by Katie Wood, owner of the investment fund Ark Investment Management, who was also present at the meeting. According to her, decentralized finance (DeFi) is one area of cryptocurrency that has the potential to attract some of the best talent in the financial industry.
“In the case of decentralized finance (DeFi) and the next generation of the Internet, we see that many financial companies are losing talent for cryptocurrencies,” he said. “So they have to take it seriously, or they’ll be gutted.”
Within months, many international banks, such as Goldman Sachs and JPMorgan, decided to bet on cryptocurrencies. Similarly, according to the American giant Fidelity, which has just opened its retirement savings plan for bitcoins, about 80 million Americans have or have had investments in cryptocurrencies.
Brian Armstrong said: “It’s getting harder to find real cryptosceptics in Washington.” According to a Pew Research Center poll published in November 2021, 16% of American adults in the United States invested, traded or used cryptocurrencies.
On the other hand, according to a recent study by KPMG and the Digital Asset Development Association (Adan), 8% of French people have already invested in cryptocurrencies, and 30% plan to do so.
Despite this trend, the cryptocurrency market remains volatile. In particular, the price of bitcoin has fallen 17% since the beginning of the year, approaching $ 38,000 on Tuesday morning after reaching a record high of almost $ 69,000 in November.
“Skeptics are getting louder, but Armstrong and Wood (whose Ark is one of Coinbase’s biggest investors) are showing a united front,” Bloomberg said.