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Crypto Will Heal, Take 15% Of Global Gdp Says Coinbase CEO

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Coinbase CEO Brian Armstrong expressed optimism about the current market downturn, predicting that cryptocurrency may account for 15% of global GDP in 20 years.

Coinbase founder and CEO Brian Armstrong dismissed current market pessimism, predicting that cryptocurrency would account for 15% of global GDP in 20 years.

Armstrong stated during Coinbase’s Q1 earnings call:

“In my mind, this  [crypto] is a little bit like the early days of the Internet, where you saw the birth of e-commerce in the late ’90s or early 2000s, and now fast forward 20 years, e-commerce, I think, is something like 15% of global GDP.”

He continued:

“And I think if you fast forward 20 years from here, the crypto economy is going to represent probably a large portion like that, 15% of global GDP.”

He also stated that most businesses would eventually adopt crypto in some form, just as they had to do with the internet.

The whole market cap has lost more than 33% of its volume in the last seven days, totaling $570 billion. According to some, the bear market has arrived. The entire market attitude took a significant downward swing, particularly following the LUNA disaster.

Coinbase’s Q1 financial report showed a dip in numbers as well. The figures showed a 53 percent decrease in net sales from the prior quarter, which recorded a $430 million net loss. Furthermore, the report contained bankruptcy language, which raised warning flags in the community.

During his Q1 results call statement, Armstrong stated, “So ironically, I’m actually — I’ve never been more bullish on where we are as a company. And I think it’s really important to separate our performance, how we are executing towards our goals versus how the broader market is doing.”

He went on to say:

“As the industry matures over time, we’re going to be a very profitable company and more consistently profitable. But for now, regardless of whether the market is up or down, we’re going to keep building.”

Despite the difficult conditions, the industry will succeed, according to Crypto.com CEO Kris Marszalek.