In the ensuing 10–20 years, the number of cryptocurrency users may expand five-fold, according to Brian Armstrong of Coinbase.
In the next 10–20 years, according to Brian Armstrong, CEO and co-founder of Coinbase, there will be a significant rise in the number of people working in the cryptocurrency industry. In fact, he thinks that reaching the one billion milestone is possible.
Fivefold Increase within 10–20 years
Armstong is still optimistic about the future growth of the cryptocurrency business despite the relatively dire state in which it has been since the beginning of 2022. He predicted that one billion individuals will have joined the digital asset ecosystem within ten years at a recent conference: “My opinion is that in 10-20 years, we’ll see a big chunk of GDP occurring in the crypto economy.”
Armstrong’s prognosis makes sense given the rise in new crypto users over the previous year. Over 220 million people participated in the market during the first half of 2021, more than double the previous six-month period.
The prices of bitcoin and the majority of altcoins were routinely reaching all-time highs throughout this period, it is important to note. For starters, the main cryptocurrency will be worth more over $60,000 in April 2021, more than double its current USD price.
Cathie Wood, CEO of Ark Invest, also spoke at the conference. If financial organizations do not embrace the DeFi sector, she claimed, they risk losing their qualified staff members: “In the case of DeFi and next-generation internet, we are witnessing a lot of financial institutions losing talent to crypto. They must thus take it seriously or else they will become empty.
The Latest Projects by Coinbase
Speaking of Brian Armstrong, it is important to note how his cryptocurrency exchange, Coinbase, has developed over the past several months.
The business declared in March that the NFT marketplace will be live “soon.” Despite withholding a specific release date, more than 2.5 million Coinbase users signed up for the waiting list.
Soon later, news emerged that the trading platform was close to buying 2TM, a cryptocurrency exchange in Brazil. The latter is under the authority of Mercado Bitcoin, the biggest digital asset brokerage in Latin America.
Coinbase announced plans to acquire BtcTurk, the country’s first cryptocurrency exchange, in April. The $5 billion deal was intended to be completed. However, as a result of the recent decline in bitcoin’s price and the weakening of the Turkish lira, the parties signed a deal for $3.2 billion.
The CEO of Coinbase has a positive perspective for cryptocurrency regulation.
The report also referenced Armstrong’s upbeat assessment of the direction of regulation from lawmakers and policy advisers in the nation’s capital. Armstrong has pushed for a light regulatory touch when it comes to cryptocurrencies for many months. “It’s gotten harder and harder to meet a real crypto skeptic in D.C.,” Armstrong claimed. He was further reported in the newspaper as saying that more than half of Washington’s population has taken a pro-crypto stance.
However, it’s important to remember that Armstrong’s comments came before the Securities and Exchange Commission of the United States, which regulates the bond and equity markets, on Tuesday. The SEC said that it intends to almost quadruple the number of employees in its enforcement division in order to dedicate all of their time to monitoring crypto assets and trading platforms like Coinbase.
When the federal agencies entrusted with investigating and making recommendations on their separate regulatory remits, as part of President Biden’s executive order earlier this year, submit their findings, we’ll have to watch how that plays out.
