CEO of Coinbase Issues Spectacular Crypto Predictions as the Price of Bitcoin and Ethereum Shockingly Rises
After a meteoric rise in value over the last several years, the two most popular cryptocurrencies, Bitcoin BTC +2.2 percent and ethereum, now claim hundreds of millions of users worldwide.
As of late last year, the price of one bitcoin had risen to about $70,000, compared to less than $10,000 two years before. The price of ethereum had also risen sharply. However, both are down by around 40% from their peaks.
As of now, Brian Armstrong, the CEO of the world’s largest bitcoin and cryptocurrency exchange Coinbase, predicts that by the year 2032, 1 billion individuals will have used cryptocurrency.
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Cryptocurrency will account for a significant amount of GDP in the next 10 to 20 years, according to Armstrong, who spoke at the Milken Institute Global Conference this week. Coinbase, a San Francisco-based company, presently boasts more than 90 million verified users in more than 100 different countries and regions.
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Companies and services based on bitcoin, ethereum, and other cryptocurrencies have exploded in the “crypto economy” in the previous few years.
Blockchain-based non-fungible tokens (NFTs) and decentralised finance (Defi)—the assumption that crypto technology might replace lenders and insurers—have both become multi-billion dollar industries in only a few years.
They include Facebook parent Meta and Elon Musk’s electric vehicle business Tesla Tesla TSLA +4.8 percent, who have started to use bitcoin. NFTs are likely to play a big part in Meta’s expansion into the so-called “metaverse” digital realm, which is being directed by CEO Mark Zuckerberg. For the first time ever, Tesla has integrated bitcoin into its corporate balance sheet and has begun testing out crypto payments.
Wall Street’s financial behemoths have also begun to roll out crypto services to its customers in small doses. On the same stage as Armstrong, Ark Investment Management’s CEO and one of web3’s most prominent supporters, Cathie Wood, advised financial institutions not to fall behind in the race for the next generation of the internet.
Cryptocurrencies like Bitcoin are stealing the best and brightest minds from the banking sector, according to Wood, who was quoted by Bloomberg. “So they have to take it seriously, or else they’ll be hollowed out,” he continues.