Tech

Coinbase CEO Brian Armstrong predicts the crypto economy will boom with over a billion users in the coming years

Brian Armstrong, the CEO of crypto exchange Coinbase, predicts an explosion in the crypto economy and ownership within the next 10 to 20 years. After his recent visit to India, Armstrong made his latest predictions at the Milken Institute Global Conference on May 2nd. At this point in time, the crypto sector is facing the brunt of several economic and geopolitical issues prevalent around the world. Fear of the fourth wave of COVID-19 has also led to a drain of funds from the global crypto sector, which falls into the high-risk category due to its volatility.

“My guess is that in 10 to 20 years we will see a significant portion of GDP in the crypto economy,” Bloomberg quoted Armstrong as saying in his report.

The Coinbase CEO, who expects the crypto user base to surpass the 1 billion mark in the coming times, spoke in a session with Cathie Wood, CEO of ARK Investment.

Last week, Armstrong also urged Apple to keep an open mind about crypto.

Calling Apple’s current skeptical stance on crypto-related apps “unfair,” Armstrong said smartphone makers must already start preparing to add crypto-specific hardware features to their devices.

Even then, the cryptopreneur pointed to the growth of the crypto sector, which seems to be on an upward curve in the coming future.

According to a report by Allied Market Research last year, the global crypto sector is projected to grow at a compound annual growth rate (CAGR) of 12.8 percent through 2030.

Back in March, the market capitalization of the entire crypto industry in 2022 had hit the $2 trillion mark (approximately Rs.1.52.39.826 billion) for the first time.

While the market is currently recovering, industry experts have often reiterated their belief that as more nations take initiatives to bring the virtual asset sectors into their legal frameworks, the sooner the crypto sector will mature from its volatile phase.

However, institutional investment in crypto continued to flow in.

Last week, for example, Dragonfly Capital raised US$650 million (approximately Rs.4,975 billion) to support crypto companies and projects that show promise and promise.

A Wall Street Journal report shows that blockchain and crypto startups raised US$9.2 billion (around Rs.70,435 billion) in the first quarter of 2022.


https://gadgets360.com/cryptocurrency/news/coinbase-ceo-brian-armstrong-crypto-economy-boom-billion-users-2942745 Coinbase CEO Brian Armstrong predicts the crypto economy will boom with over a billion users in the coming years

Ryan Sederquist

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