Bitcoin (BTC) and Ethereum, two by far largest cryptocurrencieshas hundreds of millions of users worldwide after a huge price explosion in recent years.
The price of bitcoin rose to close $ 70,000 at the end of last year, from less than $ 10,000 two years ago, while the price of Ethereum has seen a similar increase. However, both have fallen about 40% from their record highs.
Today, Brian ArmstrongCEO of the leading bitcoin and cryptocurrency exchange Coinbase, has predicted a massive influx of cryptocurrency users over the next decade and predicted that one billion people will have used cryptocurrencies from here by 2032.
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Brian Armstrong, CEO of Coinbase, is one of the most influential voices in the world of … [+] bitcoin, ethereum and crypto.
“My view is that in 10 to 20 years we will see a significant share of GDP appear in the crypto-economy,” said Armstrong, who spoke at the Milken Institute Global Conference this week in reported comments. for the first time by Bloomberg. San Francisco-based Coinbase currently has nearly 90 million verified users in 100 countries.
The “crypto-economy” has grown rapidly in recent years as companies and services emerge around bitcoin, ethereum and other cryptocurrencies.
Decentralized Finance (DeFi) – the idea that cryptographic technology can replace lenders and insurance companies – and blockchain-based digital collectibles known as non-fungible tokens (NFTs) have both become multi-billion dollar markets in just a few years.
Some of the world’s largest technology companies, including Facebook’s parent company, Metaand the electric car company You are here by Elon Musk TSLA by Elon Musk, has begun to adopt cryptocurrency. Meta, edited by Mark Zuckerberg, seeks to expand into the so-called “metaverse” digital world, where NFTs are expected to play an important role. Tesla added bitcoin to its corporate balance sheet and began experimenting with cryptocurrency payments.
Financial giants on Wall Street have also started offering crypto services to their customers. Speaking with Mr Armstrong, CEO of Ark Investment Management, Cathie Woodone of the biggest proponents of web3 – a name for the next generation of internet based on cryptocurrencies and blockchain that some say could succeed the current Silicon Valley-centric model – has warned financial companies not to be left behind.
“In the case of DeFi and next-generation Internet, we see a lot of financial companies losing talent for crypto,” Wood said, according to Bloomberg. “So they have to take it seriously, otherwise they get drained of substance.”
Meanwhile, the crypto industry feels optimistic about the shifting regulatory landscape following an announcement from the Biden administration instructing federal agencies to collaborate on a rulebook for blockchain companies.
“It’s getting harder and harder to meet a real crypto-skeptic in Washington,” Armstrong added, estimating that about half of Washington’s population is now pro-crypto. Lobbying in the crypto industry has exploded along with the price of bitcoin over the past two years, according to research.
The price of bitcoin, ethereum and other major cryptocurrencies rose sharply this week amid a densely telegraphed rate hike from the Federal Reserve, which some feared was more belligerent than expected, and after several positive developments regarding bitcoin and cryptocurrency globally.
“A growing number of countries are legalizing bitcoin as a currency, recognizing its ability to strengthen financial infrastructure, facilitate wealth creation, and provide direct access to financial resources,” said Matt Senter, CTO of Bitcoin. bitcoin Lolli rewards app, in an email comment.
“With the devaluation of the US dollar due to inflation, we are now in the perfect storm that is catalyzing global mainstream adoption of bitcoin as an anti-inflationary, disintermediate alternative to our struggling old financial system.”
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