Coinbase founder and CEO Brian Armstrong is optimistic about the future of crypto assets despite the current market downturn.
In a recent Coinbase first-quarter earnings call, Armstrong says the crypto economy will balloon to about 15% of the global gross domestic product (GDP) over the coming 20 years.
“In my mind, this 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.
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.”
Armstrong says that he believes corporations will adopt cryptocurrencies in the future on the same level that they have currently taken up the internet.
“I actually think, like in the same way that most companies use the internet now, I think most companies are going to end up using crypto in some way, shape or form in the future.”
In reaction to the current downturn in the crypto markets, Armstrong says that the market sentiment could get worse if the downtrend stretches for a longer period.
“I mean, look, we’ve been through enough of these where I think in the young markets, people are irrationally exuberant. And then in the down markets, people are irrationally pessimistic, right?
And remember, this is just like we had one quarter where the market kind of pulled back. I think there’ll be real kind of blood running in the street or something like that if it continues for four quarters. Or something like that.”