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1Bn Crypto Users Forecasted in the Next Decade, Says Coinbase CEO

Annie Li   May 03, 2022 06:55 2 Min Read


   

Brian Armstrong, CEO of Coinbase Global Inc, said there would be as many as 1 billion users of cryptocurrencies within the next decade.

Bloomberg reported, citing Armstrong's remarks during a commentary about price volatility related to the cryptocurrency market at Monday's Milken Institute Global Conference.

There are currently only about 200 million users of cryptocurrencies in the global market.

During the meeting with Cathie Wood, the CEO of Ark Invest, who made a bullish prediction on bitcoin Ryan Armstrong said:

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

DeFi is able to provide almost all financial services, with traditional and central institutions, usually banks, but on the blockchain. Any traditional service provided by a financial institution can be provided through DeFi. In short, Defi is a blockchain-based financial service mirrored by conventional financial services, creating new services or derivatives derived from the unique capabilities of blockchain. Because Defi does not require intermediaries like traditional banks, it can freely trade tokens or borrow tokens.

Meanwhile, Wood believes Bitcoin to be a game-changer by explaining why the cryptocurrency is soaring and gaining traction as a hedge, saying that she considers decentralized finance is great promising, urging the industry to look up to the issue of talent acquisition by adding that:

“In the case of DeFi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto. So they have to take it seriously, or else they are going to be hollowed out.”

As the cryptocurrency market continues to expand, Coinbase has taken steps to expand its footprint to the rest of the world by acquiring and investing in large exchanges elsewhere.

In March, Coinbase reportedly announced plans to acquire a Brazilian holding company called 2TM, the parent company of Mercado Bitcoin – a Bitcoin exchange platform from Brazil – which is regarded as the largest crypto exchange in the Latin American region.


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