Coinbase CEO Brian Armstrong Predicts Crypto Adoption, Says Bitcoin (BTC) Will Be New Gold
Coinbase CEO Brian Armstrong predicts a timeline for global crypto adoption, saying the industry is still in its early days.
In a new episode of Coinbase’s Around the Block podcast, Armstrong says that Bitcoin’s market capitalization is not yet big enough for BTC to function as a serious fly-to-safe as some of its proponents have predicted.
However, Armstrong says Bitcoin will be able to fulfill its role as a “new gold” asset class within the next decade.
“Usually in lower macro environments, we see there’s 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 is not a significant enough percentage of it the global economy, the wider economy yet, to actually be treated as the digital gold in the sense that people are flying to safety towards Bitcoin.
I think we will probably see that change over time. I could see in the next five or ten years as the crypto economy really becomes a larger percentage of global GDP that people will actually flee to Bitcoin as the sort of “new gold” if you will, but that hasn’t happened yet. Frankly, I will admit that I 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 premature.”
Armstrong says crypto could follow the same path 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 very early. But even today, it’s still very early.
It’s going to take decades for the global macro community to start thinking about the crypto economy as the most important, and we saw something similar happen with e-commerce back 20 years ago when it first started in 1999-2000. People treated it like a sideshow, they said ‘Ah, I would never put my credit card on a website. It might get 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 we probably have five or 10 years left.”
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Featured image: Shutterstock/Vadim Sadovski
