Bitcoin Mass Adoption For Payments is Going to be a Long Time Coming Says Coinbase CEO
At an interview at the Bloomberg Players Technology Summit in San Francisco Coinbase CEO Brian Armstrong said that the exchange was signing up 50,000 new users last year.
As one of the world’s leading crypto exchanges with 25 million customers, Coinbase can be considered a good indicator of the overall condition of the industry and its future.
The company has warned that widespread, mass bitcoin adoption for payments is going to be a long time coming.
According to Brian Armstrong, amid a frenzy interest in cryptocurrency, namely bitcoin — last year, investors of all stripes wanted a piece of the action. That sent the price of bitcoin up to nearly $20,000.
Bitcoin’s price of about $6,120 price is now almost 70 percent off its December high, and most other coins are in steep decline as well.
“This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau,” Armstrong said Tuesday. “People’s expectations are all over the map, but real-world adoption has been going up.”
Armstrong didn’t say how the company’s current rate of new customers compared with a year ago. He estimated that about 10 percent of digital coins are used in real life, in games and other purchases online.
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