- Coinbase CEO Brian Armstrong stated that cryptocurrencies have quite a lot of usage beyond speculation.
- He said if the growth continues, cryptocurrencies will have 2-3 billion users in ten years.
- Armstrong stated that the key unlocks will be regulatory clarity and also usability.
Coinbase CEO Brian Armstrong recently commented on the usability of cryptocurrencies. He retweeted a thread from a Twitter user and Goldfinch CEO Blake West, in which he talks about his frustration with people who say that cryptocurrencies don’t have many uses.
Armstrong stated that cryptocurrencies have a lot of usage beyond speculation as well. He also stated that getting 2–300 million people to try cryptocurrencies is really good. Adding to this, it was mentioned that if the growth rate continues, there will be 2 to 3 billion people in ten years. Armstrong also compared it to the adoption of the Internet.
Key unlocks will be scalability on layer 2 (like going dial up to broadband) and regulatory clarity. Also usability.
West mentioned in his tweet that it is really frustrating to hear people mock cryptocurrencies. West stated: Liquid, transparent, exchanges that perfectly comply with regs for alternative assets like loans, real-estate, etc with low or no fees, except creating exchanges of any kind is highly regulated in the US and crypto exchanges can’t register anyway.”
West talks about various ways in which cryptocurrencies could be incorporated into daily activities. He stated that stablecoins could be used to make payments directly to merchants with no card fees, bank fees, or chargebacks.
The scrutiny of the cryptocurrency realm has been rising ever since the fall of Terra and FTX. The regulators have also been tightening their regulations on cryptocurrency businesses as a result.