Armstrong remains bullish: Coinbase CEO convinced a billion people will use crypto within a decade | news

• Coinbase CEO Armstrong and ARK CEO Cathie Wood remain cryptocurrencies
• Armstrong expects one billion crypto users
• Expected significant contribution to GDP

At the Milken Institute’s Global Conference 2022, Brian Armstrong, head of the cryptocurrency exchange Coinbase, gave an optimistic view of the development of the crypto market.

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A billion cryptocurrencies soon?

In a speech to Cathie Wood, CEO of ARK Invest, Armstrong said he believes the number of people using or testing cryptocurrencies will grow from about 200 million today to 1 billion by the end of this decade. He also referred to the increased use of Bitcoin & Co. of institutional investors, who are increasingly including digital currencies in their portfolios. “This is a new asset class, and you have to form an opinion about it,” Armstrong continued.

Cathie Wood, who is considered an outspoken crypto bull, criticized in this context that especially regulatory uncertainties are the reason why crypto acceptance in the US is rising too slowly. “I would have expected more clarity,” the star investor stressed. “If we do not take care, we will do it [den USA] regulatory arbitrage will take the market away “.

But Armstrong believes in rapid progress on this issue and referred to a new thinking in politics: “The majority of the people I have met in Congress – 50% or more – are now pro-crypto, they think this is a net worth to society “. One in five Americans has used crypto or tried it in some way, and that number is rising rapidly. “This is a huge constituency. Being anti-crypto is fast becoming very unpopular politically,” he added.

The crypto-economy is expected to make a major contribution to GDP

In addition, Armstrong believes the cryptocurrency world will make a significant contribution to the overall economy in the future. “I estimate that in 10 to 20 years, a significant portion of GDP will be generated in the crypto-economy,” Coinbase CEO said confidently. “People think they may have missed the opportunity if they see Bitcoin at $ 70,000, but we are still in relatively early days,” Cathy Wood continued.

Both CEOs see a wide range of uses for digital currencies. Armstrong sees the SMS service Twitter, which is being taken over by Elon Musk, as an example. Twitter now has an opportunity to become a leader in decentralized social media, where users’ online identity and content do not belong to a specific platform, but to the users themselves. “I can imagine that there are quite a few startups and … other companies, who will develop competing decentralized social media products if [Twitter dies nicht tut]. ”

Armstrong also mentioned cryptocurrencies as an application example for cryptocurrencies. “Voting on proposals and infrastructure is based on how many blocks of land you own in this community,” Armstrong said. “I think crypto will really change the way people come together and create organizations in very profound ways.”

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