Coinbase CEO Brian Armstrong has highlighted that crypto isn’t just here to say but it’s the future of money. Emphasizing that cryptocurrency “gives people economic freedom, ensuring access to their own money and fair participation in the economy ungated by powerful legacy institutions,” he detailed: “The industry has turned the page on the unlawful behavior that distracted from its progress; compliant growth is in.”
‘Cryptocurrency Isn’t Just Here to Stay’
The CEO of cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, published a blog post titled “The future of money is here — and it’s crypto” on the company’s website Tuesday.
He explained that after a “massive market correction,” crypto has witnessed a 90% increase in value this year, accompanied by a 60% surge in volume during Q4. He noted that currently, 425 million people globally own cryptocurrency and 83% of G20 countries and major financial hubs have either implemented or are in the process of establishing regulations to provide certainty for the industry. “With that kind of scale and momentum, innovation builds on itself,” he opined, emphasizing:
Cryptocurrency isn’t just here to stay – it’s the future of money.
“The industry has turned the page on the unlawful behavior that distracted from its progress; compliant growth is in,” he stressed.
The Coinbase boss further shared that consumers increasingly desire faster, more accessible, and autonomous money movement, challenging traditional financial institutions. “They also want to move it cheaply, without powerful institutions gating their access and charging high fees and interest rates,” he described. “Today in the U.S., half or more of key consumers and voters are actively seeking alternatives to the current system … Crypto is helping to create a more open, more global system.” The executive detailed:
SEC approval of spot bitcoin ETFs could spur new growth for crypto as an asset class. But as use of crypto has grown, so has its utility – from an asset class, to driving needed updates to the century-old financial system.
Armstrong emphasized: “Around the world, more than 100,000 merchants and payment rails themselves take payment in crypto, including Paypal and Visa. Among the reasons why: lower fees, higher speed, and access to new customers.” Moreover, he pointed out that last year, “global onchain stablecoin transfers approached $9 trillion – more than Mastercard, Amex, and Discover combined,” noting that stablecoins “help currencies like the U.S.dollar exist in digital form.”
The Coinbase CEO further detailed: “Countries with low economic freedom, such as Argentina, Brazil, and Nigeria, have among the highest usage rates of crypto payments and adoption as share of wealth (and are among the biggest populations in the world) … Workers living abroad use crypto to send remittances. About one in nine people globally depend on them. Crypto transfers, on average, are 96% cheaper than other transfers and take 10 minutes compared to up to 10 days.”
Armstrong stressed, “Global financial centers like London, Switzerland, Hong Kong, and Singapore are transforming themselves into crypto hubs to claim the jobs and talent that a more open, more global system will bring,” concluding:
Crypto gives people economic freedom, ensuring access to their own money and fair participation in the economy ungated by powerful legacy institutions – enabling people to build, create, and own their work.
Do you agree with Coinbase CEO Brian Armstrong? Let us know in the comments section below.
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