Brian Armstrong, the CEO of Coinbase, has entered the expanding discourse regarding the industry’s adoption of Bitcoin (BTC).
He responded to Mario Nawfal’s update on X regarding crypto adoption with his commentary. Nawfal suggested that the proliferation of crypto is occurring at a rate that is 43% quicker than that of mobile phones and 20% faster than that of the internet.
Prospects for Bitcoin Adoption
Cryptocurrency has reached 300 million consumers in a mere 12 years, as per Nawfal, who cites BlackRock. The update made a significant point by observing that the surge is being driven by the pro-crypto posture of the current administration in the United States, inflationary concerns, and the younger generation.
Based on the prediction that Bitcoin ETF products will surpass the $250 billion assets under management (AUM) milestone, the update anticipated a crypto “mainstream conquest.” BlackRock’s iShares Bitcoin Trust (IBIT) has been the driving force behind the surpassing of $50 billion in Bitcoin ETFs.
Brian Armstrong, drawing on this, stated that the forecast is contingent upon the year that users consider to be the official year of introduction for Bitcoin, the internet, and mobile phones in order to make this comparison. In essence, he is of the opinion that the projection from Nawfal is “directionally accurate.”
The CEO of Coinbase stated that the present rate of Bitcoin adoption should result in the adoption of several billion individuals by 2030.
Surge Driven by ETFs and Meme Coins
Asset managers have been advocating for additional exchange-traded funds (ETFs) since the introduction of Bitcoin and Ethereum last year. Currently, there are proposals for an XRP ETF, a Solana ETF, and even an ETF for Dogecoin and meme coins.
Despite the fact that analysts contend that these alternative products are the issuer’s attempt to circumvent regulatory constraints, they demonstrate the substantial market demand for cryptocurrency. In addition, a meme coin pivot is accelerating the growth of retail investors on various crypto networks.
The industry’s maturation has experienced a parabolic rise, with nearly 10 million tokens issued to date, as a result of its propensity for rapid gains. Coinbase is a prominent trading platform that significantly contributes to the expansion of the industry.
Also Read: Sweden’s Klarna Payments Group Sets Eyes on Crypto Before Going Public
