The cryptocurrency market may be experiencing a downturn, but that does not dampen the optimism of Coinbase CEO Brian Armstrong. In a recent appearance at the Milken Institute Global Conference in Los Angeles, Armstrong predicted that the number of crypto users could grow exponentially in the next decade.
CoinEdition quoted him as saying, “My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy,” Armstrong said. He added that he expects crypto to have over 2-3 billion users by 2032, up from the current estimate of 295 million.
Armstrong attributed this potential growth to several factors, such as the innovation and adoption of blockchain technology, NFTs, DeFi, and Web3. He also said that crypto is attracting more talent from traditional financial institutions, which will accelerate its development and integration.
“They [Wall Street] have to take it seriously, or else they are going to be hollowed out,” said Cathie Wood, CEO of Ark Invest, who joined Armstrong on the panel.
However, both Armstrong and Wood acknowledged that crypto still faces some challenges, especially regarding regulation and security. Armstrong said that he had seen a positive shift in the attitude of policymakers and regulators towards crypto, but there is still a need for more clarity and transparency.
“We’ve always leaned into [regulation], but for the crypto ecosystem to thrive, we need to have fair rules, we need to have transparency, and we need to have more clarity,” said Emile Choi, COO of Coinbase.
Wood also warned that crypto users should be careful about where they store their assets, as some platforms may not have adequate safeguards or insurance in case of bankruptcy or hacking. She cited the recent disclosure by Coinbase that its users’ crypto assets could become company property if it went bankrupt.
Armstrong assured that Coinbase has no risk of bankruptcy and that its users’ funds are safe and secure. He said that Coinbase is one of the world’s most trusted and regulated crypto platforms and that it is constantly improving its security and compliance measures.
Coinbase is the largest cryptocurrency exchange in the United States, with over 73 million verified users and $2.4 billion in revenue in 2021. It went public in April 2021 with a valuation of $86 billion.
Related Stories:
Crypto Crash Latest: Coinbase Slashes Staff by 18%, Industry Prepares For A ‘Crypto Winter’
Bitcoin, Crypto Prices Down After SEC Threatens to Sue Coinbase
Binance and Coinbase Lose Nearly $1 Billion in Crypto Reserves After SEC Lawsuits
Crypto Market Plummets: Coinbase and Crypto.com Cut Hundreds of Jobs
SEC’s Lawsuit on Coinbase Faces Opp. from Senator Lummis, Crypto Lobbyists
CoinBase Global Expansion, A Game-Changer for Crypto Trading
Coinbase CEO Shares Exciting News of AI Making Their First Crypto Deal
3 mysterious crypto wallets send $65.44M of SHIB to Coinbase-associated wallet
Leave a Reply