Crypto adoption is on track to rapidly accelerate in the next decade according to the chief executive of digital asset exchange Coinbase.
Brian Armstrong yesterday predicted one billion people will have used crypto by the end of the next decade, up from 200m currently, Bloomberg first reported.
“My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy,” said Armstrong, during a discussion involving Ark Investments’ chief executive Cathie Woods.
“In the case of DeFi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto,” Wood said, reiterating predictions that crypto adoption will accelerate in the next decade. “They have to take it seriously, or else they are going to be hollowed out.”
The comments come as top brass from traditional finance turn their backs on the industry for crypto. The head of London’s Metal Exchange Matthew Chamberlain walked out in January to lead a crypto startup Komainu. The digital asset co-leads for Citi Bank recently walked out to set up their own venture – a crypto focused asset management firm.
While the crypto industry has faced considerable regulatory uncertainty Wood and Armstrong stressed that upcoming regulation will enable the industry to advance.
“It’s been harder and harder to meet a true crypto skeptic in DC,” Armstrong said, claiming that over 50 per cent of people in Washington are now supportive of crypto.