Brian Armstrong: the number of cryptocurrencies users will increase to 5 billion
Is it possible that the crypto market will grow to such an extent that digital currencies will be used by as much as 80% of humanity? Coinbase’s CEO, Brian Armstrong, believes that this blockchain will help achieve this goal.
Brian Armstrong: the use of cryptocurrencies will increase
Currently, according to Armstrong, there are about 50 million people in the world who use crypto in one way or another.
Statist, on the other hand, believes that in the fourth quarter of 2019 there were almost 45 million users, compared to 32 million in the same period last year. Since the end of 2017, this number has allegedly doubled.
The truth is, however, that it is difficult to estimate how many users are using cryptocurrencies. But can 50 million turn into 5 billion? Brian Armstrong thinks so, but doesn’t mention when it will be possible.
In conclusion: I think it's still very much up in the air which blockchain will help get crypto from ~50M users to 5B. The chain that manages to ship some of these scalability, privacy, decentralized identity, and developer tool solutions will have a big leg up.
— Brian Armstrong (@brian_armstrong) March 4, 2020
The problem, however, lies in something else – dry data. According to Statist, in January 2020 there were “only” 4.5 billion Internet users. Therefore, it is doubtful that there would be more crypto users . Unless the CEO of Coinbase was talking about a period of e.g. a few (hundreds, ten?) years.
What is the real number?
Let’s look at it realistically. How can we outbid 1 billion users? There are several possible scenarios that could lead to this:
Facebook Libra – Facebook has almost 2.5 billion active users. If it manages to run Libra’s stablecoin, the crypto community can quite easily reach 1 billion. However, the project faces strong regulatory opposition, and many of the key members of the Libra Association have left the organization.
China and India – together, China and India make up about 35 percent of the world population. The governments of both countries are not cryptic-friendly, but everything is beginning to change. Chinese President Xi Jinping praised blockchain technology at the end of last year, while India finally gave the green light to the crypto trade.
CBDC – the central bank’s digital currencies (CBDC) may become the norm in a few years. It all depends on central banks around the world starting to support them. Recently the media reported that the main central banks of the world have created a think tank that analyses the potential benefits of the CBDC.
And you think that the number of 1 billion ushers is real?