Brian Armstrong, the CEO of Coinbase crypto exchange, is foreseeing an explosion in crypto economy and ownership within the next ten to twenty years. After his recent visit to India, Armstrong made his recent predictions at the Milken Institute Global Conference on May 2. At this point, the crypto sector is facing the brunt of several economical and geo-political issues prevailing around the world. The scare of COVID-19's fourth wave has also caused a fund drain from the global crypto sector, that, due to its volatile nature, comes under the high-risk category.
“My guess is that in 10-20 years, we'll see a substantial portion of GDP happening in the crypto economy,” Bloomberg in its report quoted Armstrong as saying.
The Coinbase CEO, who is expecting the crypto userbase to cross the 1-billion mark in the times to come, was speaking in a session with ARK Investment CEO, Cathie Wood.
Last week, Armstrong also asked Apple to keep an open approach towards crypto.
Calling Apple's current sceptical stance on crypto-related apps ‘unfair', Armstrong said that smartphone-makers must already start to get prepared to build crypto-specific hardware features on their devices.
Even then, the cryptopreneur was indicating towards the growth of the crypto sector, that looks like it will be on an upward curve in the coming future.
The global crypto sector is projected to grow at a compound annual growth rate (CAGR) of 12.8 percent by 2030, a report by Allied Market Research said last year.
Back in March, the market cap of the overall crypto industry had touched $2 trillion (roughly Rs. 1,52,39,826 crore)-mark for the first time in 2022.
While the market is currently in recovery, industry experts have often reiterated their belief that as more and more nations take initiatives to bring the virtual assets sectors into their legal frameworks, the sooner the crypto sector will mature out of its volatile phase.
Institutional investments in crypto, however, have continued to pour in.
Last week, Dragonfly Capital, for instance, raised $650 million (roughly Rs. 4,975 crore) to back crypto firms and projects that show promise and potential.
A report from the Wall Street Journal shows blockchain and crypto startups raised $9.2 billion (roughly Rs. 70,435 crore) in the first quarter of 2022.