Outside Source
Brian Armstrong said the US now has the “most pro-crypto Congress we’ve ever seen,” which will lead to a global change in crypto regulations.
News
Coinbase CEO Brian Armstrong says it’s the “dawn of a new era for crypto” in the US and predicted that as much as 10% of global GDP will be crypto-based by 2030.
“Up to 10% of global GDP could be running on crypto rails by the end of this decade,” Armstrong said during Coinbase’s Feb. 13 fourth-quarter 2024 earnings call.
Armstrong compared the current movement of companies trying to integrate crypto to the early 2000s, when every company had to figure out how to adapt to the internet.
“Onchain is the new online,” he said.
If Armstrong’s prediction plays out, it would mean over $10 trillion in value would be tokenized or onchain, based on today’s global GDP of over $100 trillion, according to the World Bank.
He told investors that “Coinbase is going to be the preferred partner to come in and build this for many of the companies out there” as his firm reported a total Q4 revenue of $2.3 billion, up 88% quarter-on-quarter.
Key results for Coinbase’s fourth quarter 2024. Source: Coinbase
Armstrong said that the US, which represents around 30% of the world’s GDP, would lead the way as “President Trump is moving fast to fulfill his promise of making the US the crypto capital of the planet.”
He added the US now has the “most pro-crypto Congress” the company has seen, which is leading the charge on stablecoin and market structure legislation, which he said the rest of the world would follow.
“Given the US leadership here, the rest of the world is taking notice and will be under pressure to embrace crypto adoption.”
This week, Federal Reserve Governor Christopher Waller called for stablecoin regulations to enable banks to issue dollar-pegged digital assets.
Related: Coinbase CEO calls for blockchain-based US Treasury as DOGE saves billions
For the year ahead, Armstrong said it was going to be about “growing revenue with our existing products.”
“It’s going to be about driving utility in these new categories where crypto is getting to scale” and “building the foundations to power this next decade of growth,” he said.
Coinbase posted its strongest quarterly earnings in over a year, far beating analyst projections on its revenue.
Magazine: Coinbase and Base: Is crypto just becoming traditional finance 2.0?
This article first appeared at Cointelegraph.com News
