News Bitcoin True Mass Adoption Will Take Time Says Coinbase...

Bitcoin True Mass Adoption Will Take Time Says Coinbase CEO

-

- Advertisment -

Bitcoin True Mass Adoption Will Take Time Says Coinbase CEO

Even though usage of Bitcoin and other cryptocurrencies is steadily increasing each year, Brian Armstrong, the CEO of San Francisco-based cryptocurrency exchange Coinbase, believes that it will take some time before they will reach true mass adoption for payments, at least in the United States.

“I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto,” Brian Armstrong said in an interview with Bloomberg.

Starbucks recently denied rumors that it will allow its customers to pay with Bitcoin at its outlets, even though the Seattle-based company recently joined forces with Microsoft and New York Stock Exchange owner Intercontinental Exchange on a new digital platform.

“Customers will not be able to pay for Frappuccinos with Bitcoin,” a Starbucks spokesperson told Motherboard earlier this month, refuting a story published by CNBC.

Speaking at the Bloomberg Players Technology Summit, Armstrong said that today only about 10 percent of cryptocurrencies are used in real life. Still, he sees positive signs for the future.

“People’s expectations are all over the map, but real-world adoption has been going up each year,” he said. “I’m bullish on countries that are going through economic crisis, over the next three to five years, where everyone has the internet and a smartphone, you could see people adopting Bitcoin and cryptocurrencies as an alternative.”

Armstrong also said that this technology “is going through a series of bubbles and corrections”, and each time reaches a new level.

“We’ve been through four or five of them now where Bitcoin made this big run-up in price and there was irrational exuberance, and then it corrected back 60 or 70 percent… It has kind of matched the growth of our company. If you go back to 2012/2013 when we started, we had 500 people a day signing up. After the next bubble and correction, we had 5,000 people a day sign up. And now it’s more like 50,000 a day signing up.”

However, Armstrong warns that there will be barriers in certain countries where governments want to discourage the use of Bitcoin.

“Most places in the free world are adopting this technology. They rightly want to protect consumers though,” he said. “There are going to be some countries in the world, just like the internet, where Bitcoin and cryptocurrencies are restricted.”

Follow ForkLog on Twitter and Facebook!



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...
- Advertisement -

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Norwegian Block Exchange aims at becoming an official bank

Norway is famous for its economic stability and living standards. It is true that Norwegian love doing...

Must read

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on...
- Advertisement -

Read Next
Recommended to you