Coinbase CEO bets that there will be 1 billion crypto users in a decade

Coinbase CEO bets that there will be 1 billion crypto users in a decade
FILE PHOTO: A Bitcoin and Dollar note are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic

Crypto is obviously a very divisive topic. The ones who love it can’t stop talking about it and touting their love. On the other hand, skeptics dismiss the whole thing as a phase. This has pretty much been the dynamic since the crypto wave began. Bitcoin, one of the biggest digital assets, reached an all-time high in valuation in November last year at US$69,000, but since then has been falling. In fact, it’s down 17% since the beginning of this year.

But even though this is the case, the CEO of Coinbase is telling fellow crypto enthusiasts and skeptics alike to be strong and push through. At the Milken Institute Global Conference earlier this week, CEO Brian Armstrong said that 1 billion people would have tried or used crypto within a decade, up from the around 200 million currently. He also added that it’s really hard to find a “true crypto skeptic” in Washington D.C., where US lawmakers have been quite torn on what to do with it.

Key comments:

“My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy,” Armstrong said.

Cathie Wood, a prominent investor, also pointed to the potential of the space, saying, “In the case of DeFi and next-generation internet, we are seeing a significant loss of talent to digital currency.” She also added that Wall Street “must take it seriously or risk being hollowed out.”