Coinbase CEO predicts that in the next decade there will be about 1 billion people using cryptocurrencies
On May 2, the Milken Institute Global Conference event was held in Los Angeles, USA with the participation of Mr. Brian Armstrong, CEO of Coinbase.
Here, the CEO of Coinbase Global Inc. said that within a decade, 1 billion people around the world will use or have tried cryptocurrencies compared to about 200 million currently.
“My prediction is that in 10-20 years we will see crypto economics contribute a significant portion of GDP,” Armstrong said at a session with Cathie Wood, CEO of ARK Investment Management. .
Mr. Armstrong shared this information in the context of the crypto market going through great volatility. After peaking at $69,000 last November, Bitcoin has been steadily falling in price. The world’s largest cryptocurrency has lost about 17% in value since the start of 2022.
Coinbase Global Inc CEO Brian Armstrong
Sharing the same opinion, Ms. Cathie Wood also said that decentralized finance (DeFi) also has a lot of potential. In this DeFi sector, users can trade, lend and borrow tokens directly without the need for intermediaries like banks.
“Speaking of DeFi and the next generation of internet, we will see a lot of financial companies losing talent to crypto companies,” Ms. Wood said. “They need to be serious about this, otherwise they will be eliminated.”
Uncertainties about the operation and management of crypto assets in the US are hindering the development of this asset class, Ms. Wood emphasized. The clarity in this respect is happening at a much slower rate than the internet, she added.
Founded in 2012 and headquartered in San Francisco, Coinbase has 56 million users globally and an estimated $223 billion in assets across the entire platform by 2021, representing 11.3% of total market assets. virtual money.
On April 14, 2021 US time, Coinbase Global officially launched its initial public offering (IPO) on Nasdaq. When the market opened, Coinbase’s share price traded at $381 per share, up 52.4% from its reference price of $250 per share. At the close, the stock closed at $328.28, giving Coinbase a valuation of $85.78 billion.
With a valuation of nearly $86 billion shortly after going public, Coinbase helped CEO Brian Armstrong join Forbes Magazine’s 2021 billionaires list.
Reference: Bloomberg
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