Coinbase CEO Brian Armstrong Predicts Crypto Adoption, Says Bitcoin (BTC) Will Become New Gold CryptoBlog
Coinbase CEO Brian Armstrong forecasts a timeline for global crypto adoption, saying the industry is still in its infancy.
In a new episode of Coinbase’s Around the Block podcast, Armstrong argues that Bitcoin’s market cap isn’t big enough yet to BTC to act as a serious flight-to-safety asset some of his proponents have predicted.
However, Armstrong says that Bitcoin will manage to fulfill the role of a “new gold” asset class over the next decade.
“Typically in low macro environments we see that there is a flight to safety. In the traditional economy it was always gold, commodities, things like that. But I think what we’ve realized in this downturn is that the crypto-economy just doesn’t make up a large enough percentage of the global economy, the economy at large, to really be treated as this digital gold in the sense where people make a flight to safety towards bitcoin.
I think we’ll see that will probably change over time. I could see in the next five or ten years that the crypto economy will really become a larger percentage of global GDP that people will flee to bitcoin as some sort of “new gold” if you will, but that hasn’t happened. not yet produced. Frankly, I admit it, I overestimated the chances of Bitcoin being that inflation hedge in this macro environment. I thought this might actually bring more attention to Bitcoin in this type of environment, but it seems like we’re a little too early.
Armstrong says crypto could follow the same trajectory as the e-commerce adoption curve.
“It’s such a good reminder that even 10 years ago when I started Coinbase, I thought it was super early. But even today it’s still very early.
It will take decades for the global macro environment to start seeing the crypto economy as the main thing, and we saw something similar happen with e-commerce 20 years ago when it started in 1999-2000. People were treating it like a sideshow, they were like, “Ah, I would never have put my credit card on a website.” It could be stolen or something. And here we are 20 years later and e-commerce accounts for 15-20% of global GDP.
So I think the crypto-economy will follow a similar trajectory. It just means that we probably still have five or ten years ahead of us.
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