Brian Armstrong, CEO of the Coinbase exchange, believes that despite the volatility of the cryptocurrency market, the number of cryptocurrency users is growing in the world, especially in the United States.
Brian Armstrong, speaking at the Milken Institute conference, declaredthat despite the rather unstable state of the crypto market since the beginning of 2022, he is still optimistic about the future of the industry. Armstrong added that the number of cryptocurrency users over the next 10-20 years will increase 5 times and reach more than 1 billion people.
“I assume that in 10-20 years we will see that a significant part of the GDP will come from the crypto economy,” he said.
Armstrong noted a significant increase in the adoption of cryptocurrencies in the United States. According to him, “in the District of Columbia it is increasingly difficult to meet a real crypto-skeptic” and added that now more than 50% of the population of Washington support cryptocurrency.
Given the rise in new users over the past year, Armstrong’s prediction sounds logical. In the first six months of 2021, the number of people engaged in the market has more than doubled to 220 million. However, during this period, the prices of bitcoin and most altcoins quite often reached record highs. For example, in April 2021, the rate of the first cryptocurrency exceeded $60,000, which is more than 50% higher than the current price.
Armstrong was supported by the head of ARK Investment Management LLC, Cathie Wood, whose company is one of the largest investors in the Coinbase exchange. She added that she sees opportunities in decentralized finance. According to her, this is a sector of the crypto industry where people are truly free to trade, lend and borrow assets directly without intermediaries such as banks.
“Thanks to DeFi and Web 3.0, we are seeing many financial companies lose the market,” Wood said. “So they have to take it seriously or they’ll be broke.”
According to the head of ARK Investment, regulatory uncertainty in the US continues to hinder the development of cryptocurrencies. At the same time, the owner of Berkshire Hathaway and one of the most successful investors on the planet, Warren Buffett, believes that Bitcoin, unlike real estate or industrial assets, has no value. According to him, he would not give even $25 for bitcoin.
Source: Bits
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