It’s been just reported that Coinbase CEO just made a crypto adoption prediciton. Check out what Brian Armstrong had to reveal below.
Coinbase CEO on crypto adoption
Coinbase CEO Brian Armstrong has just addressed a timeline for global crypto adoption, saying that the industry is still in its very early days.
In a new episode of Coinbase’s Around the Block podcast, Armstrong says Bitcoin’s market capitalization is not yet big enough for BTC to act as a serious flight-to-safety asset. This is what some of its advocates have been predicting.
On the other hand, Armstrong said that Bitcoin would manage to fulfil the role of a “new gold” asset class within the next decade.
“Typically in down macro environments, we see there’s a flight to safety. In the traditional economy, that was always gold, commodities, things like that. But I think what we’ve realized in this downturn is that the crypto economy is just not a significant enough percentage of the global economy, the broader economy yet, to be actually treated as that digital gold in the sense that people do a flight to safety towards Bitcoin.”
He continued and stated the following:
“I think we’ll see that probably change over time. I could see in the next five or ten years as the crypto economy really becomes a bigger percentage of the global GDP that people will actually flee to Bitcoin as the sort of ‘new gold’ if you will, but that hasn’t happened yet.”
He also said that he overestimated the chances that Bitcoin would be this inflation hedge in this macro environment.
“I thought it might actually draw more attention to Bitcoin in this kind of environment, but it looks like we’re a little too early.”
Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the green, and the coin is priced at $20,788.