For Coinbase’s CEO, there will be 1 billion cryptocurrencies by 2030

Brian Armstrong, CEO of cryptocurrency exchange Coinbase, said the number of people who have used or tried cryptocurrencies will reach 1 billion within a decade, which will contribute even more to the global economy.

Is “non-regulation” the biggest obstacle to adoption?

According to Brian Armstrong, the democratization of cryptocurrencies is still in its infancy. According to Bloomberg, the head of the cryptocurrency exchange Coinbase has predicted that there will be 1 billion cryptocurrency users within 10 years, up from 200 million at the moment.

“My view is that in 10 to 20 years we will see a significant share of GDP appear in the crypto-economy,” Brian Armstrong said Monday at the Milken Institute Global Conference in Los Angeles.

According to Statista, the number of cryptocurrency users increased by almost 190% between 2018 and 2020, before a sharp increase in 2021. Corporate interest in cryptocurrencies such as Tesla has grown over the past year, with El Salvador adopting bitcoin as a legal tender. .

Its estimates are relatively conservative compared to those provided by another major platform, Crypto.com. In fact, the company said in December last year that it expects 2022 to be the year that the number of cryptocurrency users worldwide will reach 1 billion for the first time.

The company also estimates that there are over 292 million crypto users worldwide as of November 2021. Similarly, in February 2021, Crypto.com claimed to aim to reach the 100 million user mark by 2023. Coinbase claims to have verified over 89 million users.

The CEO also reiterated that regulatory uncertainty in the US remains one of the key factors hindering the growth of the crypto industry. He said the regulatory framework related to cryptocurrencies was evolving at a much slower pace than that of the internet.

Crypto attracts many talents

Brian Armstrong is not alone in believing in the potential of this ecosystem. Cathy Wood, owner of the investment fund Ark Investment Management, who also attended the meeting, shared the same enthusiasm. Decentralized Finance (DeFi) is an area of ​​crypto that has the potential to attract some of the finest talent in the financial industry, she said.

“In the case of decentralized financing (DeFi) and next generation internet, we see many financial companies losing talent to crypto,” the latter said. “So they have to take it seriously, otherwise they get cleaned up.”

For several months, many international banks, such as Goldman Sachs and JPMorgan, have decided to invest in cryptocurrencies. Similarly, the American giant Fidelity, which has just opened its pension savings for Bitcoin, estimates that about 80 million Americans have or have had investments in cryptocurrencies.

For Brian Armstrong: “It’s getting harder and harder to meet real crypto skeptics in Washington.” In the United States, 16% of American adults have invested, traded or used cryptocurrencies, according to a poll by the Pew Research Center published in November 2021.

On the other hand, according to a recent survey by KPMG and the Association for the Development of Digital Assets (Adan), 8% of French people have already invested in cryptocurrencies, and 30% plan to do so.

Despite these dynamics, the cryptocurrency market continues to be volatile. In particular, the price of Bitcoin has fallen 17% since the beginning of the year and approached $ 38,000 on Tuesday morning after hitting a record high of almost $ 69,000 in November.

“Skeptics are getting taller, but Armstrong and Wood (whose Ark is one of Coinbase’s biggest investors) are showing an overall front,” Bloomberg said.

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