Coinbase Founder and CEO Brian Armstrong is optimistic about the future of crypto assets despite the current market downturn.
In a recent Coinbase Q1 earnings announcement, Armstrong said: say The cryptocurrency economy will expand to around 15% of global gross domestic product (GDP) over the next 20 years.
“I think this is similar to the early days of the Internet, where we saw the birth of e-commerce in the late 90s or early 2000s and now, 20 years later, we saw the birth of e-commerce. That’s about 15% of global GDP.
And if you fast-forward 20 years from here, I think the cryptocurrency economy will probably make up a significant portion of the world’s GDP, 15%.”
Armstrong believes that businesses will adopt cryptocurrencies in the future to the same extent that they are adopting the Internet today.
“In fact, I think most companies will use cryptocurrency in some way in the future in the same way that most companies use the internet today.”
Armstrong says a prolonged downtrend in response to the current downturn in the cryptocurrency market could exacerbate market sentiment.
“I mean, we’ve had enough of these things in a young market where people are irrationally overcrowded. And in a bear market, people are irrationally pessimistic, right?
And remember, this is like the quarter where the market retreated. If it goes on for four quarters, I think there will be blood on the streets or something like that. Or something like that.”
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