Brian Armstrong, CEO of the cryptocurrency platform giant Coinbase, claimed in an interview with Bloomberg that around 50,000 new users continue to register for its services every day — despite recent year-to-date lows.
‘Bubbles And Corrections’
Coinbase CEO Brian Armstrong sat down with Bloomberg yesterday to discuss the future of cryptocurrency at the Bloomberg Players Technology Summit held in San Francisco. During the interview, Armstrong was asked about the giant half-dead elephant in the room — the large decline in the price of Bitcoin and other major cryptocurrencies so far in 2018. Armstrong responded, stating simply that:
This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.
Historically, Bitcoin has had four major periods of explosive growth, followed by a correction and plateau period. Just like the periods of correction and plateau in the past, many new investors who entered the market during one of the big run-ups are feeling discouraged and pessimistic about the future of Bitcoin and other major cryptocurrencies after realizing large losses on the value of their investments.
Armstrong reminded the crowd of the important factors affecting cryptocurrency, stating:
Real-world adoption has been going up.
Welcome To The Jungle!
According to some of the statistics that Armstrong gave during the interview, mass adoption is rapidly increasing.
While discussing the periods of surging Bitcoin price, Armstrong correlated the price of Bitcoin with the user growth of Coinbase:
If you go back to 2012-2013 when we started, we had maybe 500 people a day signing up. Then after the next bubble and correction we had maybe 5,000 people a day signing up, and now it’s more like 50,000 people a day signing up.
Armstrong also claimed that Coinbase has served around 25 million customers worldwide, and also facilitated the buying, selling, and trading of over $150 billion worth of cryptocurrency on its exchange in the past year. Coinbase itself holds around $10-$20 billion of customer cryptocurrency assets on a daily basis.
“It’s getting harder and harder to be a crypto skeptic,” said Armstrong confidently.
He also mentioned some new features coming out on Coinbase in the near future — including Coinbase Custody, a service for large institutions to invest, as well as an asset management firm that will create electronic trading funds (ETFs) for cryptocurrency.
Do you think Coinbase will continue to grow as the top cryptocurrency platform in the coming years? Let us know your thoughts in the comments below!
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