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The price of Bitcoin soared to nearly $70,000 per bitcoin late last year, from below $10,000 two years ago, while the price of Ethereum has seen a similar rally. However, both are down about 40% from their all-time highs.
Now, Brian Armstrong, CEO of major bitcoin and cryptocurrency exchange Coinbase, has predicted a massive influx of crypto users in the next decade — predicting that one billion people will be using crypto by 2032.
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Speaking at the Milken Institute Global Conference this week in comments first reported, Armstrong said: Bloomberg. Coinbase, headquartered in San Francisco, currently has nearly 90 million authorized users in 100 countries.
The “cryptocurrency economy” has grown rapidly over the past few years as businesses and services sprout around Bitcoin, Ethereum, and other cryptocurrencies.
Decentralized finance (DeFi) — the idea that crypto technology can replace lenders and insurance companies — and blockchain-based digital holdings known as non-fungible tokens (NFTs) have become multibillion-dollar markets in just a few years.
Some of the world’s largest tech companies, including Facebook parent company Meta and Elon Musk’s electric car company Tesla
The financial giants of Wall Street have also slowly begun to offer crypto services to clients. Speaking alongside Armstrong, Ark Investment Management CEO Cathy Wood, one of the biggest proponents of Web 3 — a name for the next generation of a crypto and blockchain-based internet that some believe could succeed the current Silicon Valley-centric model — has warned financial firms Don’t fall behind.
Wood said, according to Bloomberg. “So they have to take it seriously, or else they will be discharged.”
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Meanwhile, the crypto industry is optimistic about the evolving regulatory landscape following an executive order from the Biden administration directing federal agencies to collaborate on a rulebook for blockchain business.
“It was tougher and harder to meet a real crypto skeptic in DC,” Armstrong added, speculating that about half of people in Washington are now pro-cryptocurrency. Research has found that the pressures of the cryptocurrency industry have exploded along with the price of Bitcoin over the past two years.
The price of Bitcoin, Ethereum and other major cryptocurrencies surged this week, rising on the back of a closely watched Federal Reserve rate hike which some feared could be more hawkish than expected and after several positive developments in Bitcoin and global cryptocurrencies.
Matt Senter, chief technology officer of Bitcoin Lolli rewards app, said in comments via email.
“With the devaluation of the US dollar due to inflation, we now find ourselves in a perfect storm that spurs the adoption of the global mainstream Bitcoin as an anti-inflation, non-intermediate alternative to our old financial system in crisis.”