Brian Armstrong, the chief executive of the leading regulated cryptocurrency exchange, has predicted a massive influx of cryptocurrency users over the next decade, predicting that one billion people will have used cryptocurrencies over the next ten years.
“In my opinion, in 10 to 20 years, a substantial part of GDP would come from the crypto-economy”, Mr. Armstrong said at the Milken Institute global conference, in remarks reported by Bloomberg. San Francisco-based Coinbase currently has nearly 90 million verified users in 100 countries. That’s more than most traditional brokerages.
According to Brian, the crypto-economy has grown rapidly in recent years as businesses and services have sprung up around the Bitcoinof Ethereum and other cryptos.
Institutional adoption in motion!
Decentralized finance (DeFi) – the idea that cryptographic technology can replace lenders and insurers – and blockchain-based digital collectibles (NFTs) have grown into multi-billion dollar markets in just a few short years.
Some of the biggest tech companies in the world, including Meta and Tesla, have embraced crypto. Meta, under the leadership of Mark Zuckerberg, seeks to expand into the digital world of the metaverse, where NFTs 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 slowly rolling out crypto services for their clients.
Speaking alongside Armstrong, the CEO ofArk Investment Management, Cathie Wood, one of web3’s biggest backers, warned financial firms not to be left behind. ” In the case of DeFi and next-gen internet, we see a lot of financial companies losing talent to the crypto industry.bones,” Wood said, according to Bloomberg.
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As the Biden administration directs federal agencies to work together to establish rules to govern blockchain companiesthe crypto industry is optimistic about the changing regulatory landscape.