Coinbase CEO Predicts Crypto Economy To Have 15% Share In Global GDP: Says NFTs To Play A Huge Role 

Brain Armstrong, CEO and Co-Founder of Coinbase, shared his view on layer-2 scaling solutions, the crypto market and NFTs, early this week. 

During Coinbase’s First Quarter 2022 Earnings Call, Armstrong made some interesting comments which are as follows: 

“54% of Coinbase users are using cryptocurrencies for other use-cases than trading”

Brian begins by pointing out that the broader markets are down. A down market for growth tech stocks and risk assets can be seen. He goes on to say that crypto and Coinbase are no exceptions. 

He further notes that around 54% of Coinbase users are using their digital assets for something other than crypto trading. Brian says that their strategy to enable an entire crypto economy instead of being just a trading 2 platform, seem to be working as the majority of its users are doing things other than trading. 

He said that they are going to continue building whether the market is up or down. “And I think the real key is to mentally flip from seeing down markets as being scary to actually being our opportunities to pull ahead,” he adds. 

NFTs Will Play A Huge Role In Gaming, Music…..

Talking about NFTs, he said that the opportunities in the NFT space are huge. Brian reveals that there are various features that they intend to add, among which is the option to buy NFTs just directly with your credit card or any funds that users currently have in their main Coinbase account. 

The CEO further said that they plan to support chains in future since they want to make sure NFTs remain decentralized.

Concluding, he said NFTs will be going to play a huge “role in gaming, in music, in the metaverse, decentralized identity, and even in the real world.”

ALSO READ – Is Crypto Market revival breaking the pace of Blue chip NFTs?

“Rise of dApps Is Like the birth of e-commerce in the late 90s, early 2000s”

Elaborating on his comment that 54% of our active users are now doing something other than trading with crypto, he added “they are spending it with merchants using Coinbase Card. They’re earning a yield on their assets.”

He then goes on to say that they are borrowing and lending opportunities.

The CEO compared the rise of decentralized applications with “the birth of e-commerce in the late 90s, early 2000s.” Brain forecasts that the crypto economy will represent a large fraction like 15% or so of global GDP. The CEO is optimistic that Coinbase can contribute to that vision. 

“Working Hard To Integrate Every Layer 2 Scaling Solutions”

Brian talking about Layer 2 Scaling Solutions said it’s really important to support such technologies. Further sharing,he revealed that his team is working really hard to integrate every layer two solution out there that their customers want. 

“Have a specific date to share with you about the Lightning Network specifically, but it’s certainly one of the ones on our roadmap,” he concluded.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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