There may not be any significant increases in the cryptocurrency market yet, since January 2022. But, Coinbase CEO’s future outlook for the market is very bullish, especially for the next 10 to 20 years coming, Bloomberg reports.
Coinbase CEO predicts 400% crypto user growth
While speaking at the Milken Institute Global Conference on Monday, Brian Armstrong, the co-founder and CEO of Coinbase, predicted that the number of cryptocurrency users will reach one billion in a decade. This represents a 400% increase from the current 200 million global crypto users.
My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy.
Brian Armstrong, Coinbase CEO
Armstrong’s one-billion-user prediction is probably not far-fetched, given the time frame involved. In January 2022, Crypto.com issued a report predicting one billion global cryptocurrency users by the end of December 2022. These forecasts are more likely to play out well based on the state or performance of the market within the given time.
The 2021 growth report from Crypto.com indicated that the rate of crypto adoption increased during the market rally but dropped soon after the market began declining.
In August, the growth rate was at 15.2%, but the same plunged to just 1.1% in September. Similarly, the user figure grew by 7.7% in November and again dropped to 1% when the overall market fell by 15.75%.
Crypto.com Research
Regulatory challenge
During the conference, the CEO of ARK Investment Management LLC, Cathie Wood, spoke about the effect of regulatory uncertainty on the crypto market. She explained that regulatory clarity for cryptocurrencies is happening at a slow pace, which is consequently inhibiting advances in the crypto sector.
For DeFi, Wood said she sees promise in the sector.
In the case of DeFi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto. So they have to take it seriously, or else they are going to be hollowed out.
Cathie Wood
