Coinbase founder and CEO Brian Armstrong remains optimistic about the future of crypto assets despite the current declines.
Speaking in the report where Coinbase first quarter reports were announced, Armstrong noted that the crypto ecosystem will reach approximately 15% of the gross domestic product (GDP) in the next 20 years.
“What I have in mind is that we’re in a very similar situation to the early days of the Internet where you saw e-commerce emerge in the late 90’s or early 2000’s, and e-commerce today I think accounts for 15% of average GDP. And I think if we move forward 20 years from here, you’ll see that the crypto economy will probably represent as much as 15% of global GDP.”
Armstrong also stated that he believes companies will adopt cryptocurrencies in the future at the same level as they currently use the internet.
In response to the current downturn in the crypto markets, Armstrong also noted that market sentiment could worsen if the downtrend continues for a longer period of time.
“I mean, look, we’ve been through enough of that yet in new markets where I think people are unreasonably enthusiastic. And then in down markets, people are unreasonably pessimistic, right? And remember, this is just like our quarter where the market pulls back. If it continues for four quarters, I think people will be scared and bleed.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.