Coinbase CEO Brian Armstrong Makes a Big Crypto Prediction as BlackRock and Meta Enter the Space

The head of the largest crypto exchange in the United States shares his thoughts on the present and the future of the industry.

In a new interview with CNBC’s Crypto World, Coinbase CEO Brian Armstrong told host Kate Rooney that he believes Big Tech companies like BlackRock and Meta will all participate in the next phase of the powered internet. by cryptography.

“We want every business in the world to integrate with crypto. Just like saying we want every business to have an internet presence or use the internet in some way. Even if it is not an Internet business, they will have a homepage or maybe attract new customers through the Internet or accept payments.

Crypto is the same way. I think Big Tech is going to have a role to play there. We see companies like BlackRock, the largest asset manager, integrating with Coinbase. Meta was another great example.

It shows me that we can really win, not only a large segment of retail customers, but we can also do deals with the biggest companies in the world like Coinbase. This bodes very well for our future. »

When it comes to the crypto winter that has plagued the industry since late last year, the tech entrepreneur hopes to see a turnaround before mid-2023.

“Obviously we’re in a bit of a down cycle, but that’s not unusual for us. We’ve been through four cycles like this as a company and we’re only 10 years old.

This one happens to coincide with the larger macro environment collapsing. We all hope it will be 12, 18 months and [then a] nice recovery, but you obviously have to plan for it to be longer than that. We’re not trying to be too cute to predict the future.

Armstrong adds that Coinbase remains focused on its long-term goals rather than price chart swings.

“We have this saying internally that I like to repeat often, which is, ‘It’s never as good as it seems. It’s never as bad as it seems.

I think one of the reasons Coinbase has been so successful over the past 10 years is that we try not to focus on short-term ups and downs. We just zoom out and think ‘Five, 10 years from now, will more people be using crypto? Most likely. Will the Internet be more widely distributed? Most likely. Will there be more e-commerce and more digital payments? »

These are all tailwinds that are long-term trends. If we don’t get distracted and keep making great products, we’ll be fine for the next five or ten years.

The CEO concludes by saying he is encouraged by how expanded staking is improving the crypto space, especially projects like Ethereum (ETH), Polygon (MATIC), Optimism (OP), and Solana (SOL).

“[Staking is] important in making these blockchains more scalable as well. We see Ethereum getting closer and closer to the merger moving to Ethereum 2.0 and it will be a nice step on the way to upgrading [and] get more scalability from Ethereum.

We also see this with other blockchains. The Lightning Network has been really great in moving in that direction. We see good things with Layer 2 solutions [like] Polygon, Arbitrum and Optimism. Solana also does very well on scaling, so overall good progress on staking.

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Feature image: Shutterstock/Tithi Luadthong

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