The chief executive officer of Coinbase exchange shared his thoughts on the future growth possibilities of the crypto & blockchain industry.
Brian Armstrong is the CEO of Coinbase exchange. Coinbase exchange is a US-based Nasdaq-listed public crypto exchange. Exchange is known to provide services under full compliance. Due to highly secured and regulated services, exchange stands at 2nd rank globally, in terms of highest trade volume holders. This exchange has its hand in almost every type of crypto service and also has a blockchain unit, which develops blockchain tools. Even some blockchain technology-based tools of Coinbase are under use of the US government agencies.
During the speech at Milken Institute Global Conference in Los Angeles, Brian said that the crypto industry is going to be an important part of the GDP.
“I guess that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy.”
Popular investor Cathie Wood, CEO of Ark invest, also joined the statement of Coinbase CEO and noted that the majority of the traditional financial companies’ employees are moving toward the crypto industry.
“In the case of Defi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto.”
She also noted that many people left their dominant positions in many government agencies to work in the crypto industry because they are taking the crypto & blockchain industry much more seriously.
Cathie noted that the crypto industry is facing pressure because of unclear regulatory policies, which was not seen in the case of Internet adoption in the initial phases. Ark Invest CEO indirectly compared Crypto with the Internet as a revolutionary technology.
Unclear policies on crypto
This is a very bitter reality for the majority of the countries, where crypto is still under the gray region. Many big companies and financial institutions are looking to get into crypto but they are failing because they are finding themself unsupported.
In particular, the US Securities and Exchange Commission (SEC) agency handles crypto regulation in the US but still it is not able to bring better regulation and control to the crypto industry. Recently the SEC agency announced its plan to expand its unit to bring better regulation on the crypto industry.