Coinbase CEO says Bitcoin will be the new gold!
In a recent Around the Block podcast on their official YouTube channel, crypto exchange Coinbase’s CEO Brian Armstrong stated his personal predictions and views on the future of Bitcoin within the next decade!
Bitcoin (BTC) The New Gold
In the video Armstrong stated his positive views on the cryptocurrency, stating that although Bitcoin’s market cap is currently not as big as it was predicted to be by many analysts and investors, it could very well fill the role as the ‘next gold’ asset within the next decade.
“Typically in down macro environments, we see there’s a flight to safety. In the traditional economy, that was always gold, commodities, things like that. But I think what we’ve realized in this downturn is that the crypto economy is just not a significant enough percentage of the global economy, the broader economy yet, to be actually treated as that digital gold.” He explained.
“I think we’ll see that probably change over time. I could see in the next five or ten years as the crypto economy really becomes a bigger percentage of the global GDP that people will actually flee to Bitcoin as the sort of ‘new gold’ if you will, but that hasn’t happened yet.“
Armstrong then goes on to discuss that admittedly, like many other Bitcoin investors, he may have overestimated just how fast Bitcoin’s market cap and adoption rate would rise.
He says, “even 10 years ago when I started Coinbase, I thought it was super early. But even now today, it’s still super early.“
The CEO then explains that Bitcoin will most likely follow in the footsteps of e-commerce in taking around a decade before being fully accepted and adopted in the economy.
“It’s going to take decades for the global macro environment to start to think about the crypto economy as the main thing, and we saw something similar happen with e-commerce back 20 years ago when it first started in 1999-2000.
People treated it as this sideshow, they would say ‘Ah, I’d never put my credit card into a website. It might get stolen or something.’ And here we are 20 years later and e-commerce is 15-20% of global GDP. So I think the crypto economy will follow a similar trajectory. It just means we probably have another five or ten years to go.” Armstrong explained.