Over the past couple of weeks, various mainstream media outlets have been repeatedly referring to the crypto sector as a being “dead and done with”. However, in spite of the top digital currencies such as ETH, BTC, XRP facing a lot of market pressure in recent weeks, Brian Armstrong, CEO of Coinbase, says that his company is signing up to “50,000 new customers a day”.
Speaking at the Bloomberg Players Technology Summit in San Francisco recently, Armstrong stated that :
“Crypto technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau. People’s expectations are all over the map, but real-world adoption has been going up (regardless).”
However, with that being said, one has to accept that most of the top 100 cryptocurrencies are currently witnessing an unprecedented decline in their overall value. For example, Bitcoin, the world’s premier cryptocurrency, which was once trading in excess of $24K last December, now stands at a meager $6,100— showcasing a near 70% drop off its peak value last year.
Coinbase Continues to Draw Heavy Market Interest
When looked at statistically, despite all of the recent market drops, Coinbase has continued to flourish. For starters, the company has assisted causal cryptocurrency enthusiasts as well as investors in trading over $150 billion worth of altcoins during the past year alone.
Additionally, Armstrong also claimed that 10% of his firm’s digital offerings are being used for real-life purposes— with use-cases spanning various digital domains such as gaming, online shopping etc.
With that being said, Armstrong also added:
“I think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto. However, now it’s getting harder and harder to be a crypto skeptic.”
Statistics such as the ones mentioned above clearly demonstrate that the crypto market, though nascent, possesses a lot of economic potential. However, there are still numerous regulatory challenges that need to be addressed before mass adoption of digital assets can take place worldwide.
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