Summary:
Brian Armstrong reflects on a decade of crypto evolution, noting unexpected dominance of trading over payments.
He believes payments will see significant growth in the next decade.
Advancements like stablecoins, layer 2 technologies, and simpler onboarding are key to this growth.
Armstrong emphasizes the need for learning and evolving in the crypto space.
Coinbase CEO Brian Armstrong reflects on the evolution of cryptocurrency over the last decade, emphasizing his early belief that payments would be the primary application for crypto. Instead, trading took the lead in the market.
A Decade of Crypto Evolution
Brian Armstrong recently shared his insights on social media regarding the past and future of the cryptocurrency industry. He acknowledged that while he initially thought that payments would be the first major use case for crypto, trading became the dominant force in the market. Armstrong remarked, “It’s funny to look back on how I thought payments was going to be the first killer app for crypto, and it turned out trading was the best business in crypto for the first 10 years.”
Optimism for the Future
Despite this, Armstrong is optimistic about the future of crypto payments. He stated, “I think payments will probably take off in the second 10 years.” He pointed out that the infrastructure supporting crypto payments is improving, with indicators such as the growth in stablecoin payment volume.
He mentioned several factors contributing to this optimism, including:
- Stablecoins (like USDC)
- Layer 2 solutions (such as Base)
- Human-readable names (ENS)
- Simpler onboarding processes (Smart Wallets)
Armstrong believes that these advancements have already initiated the growth of crypto payments, noting, “It has already started if you look at stablecoin payment volume.”
He also stressed the importance of learning and evolving within the crypto space, highlighting that action produces information and encourages a bias for action based on customer feedback.
What do you think about Coinbase CEO Brian Armstrong’s perspective on the future of cryptocurrency payments? Let us know in the comments section below.
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