Coinbase CEO Brian Armstrong (Brian Armstrong) said that after a series of natural bubbles and corrections cryptocurrencies will evolve in the same scenario, and online. His position as entrepreneur shared during yesterday’s speech at the Bloomberg Technology summit Players.
Thinking about the volatility of bitcoin and the future of digital assets in General, Armstrong cited the example of the dot-com bubble, pre-describing the cyclical development of the market:
“The technology is a series of bubbles and corrections. We have already passed four or five, when the bitcoin price was gaining momentum, and people were overwhelmed with irrational enthusiasm, followed by correction for 60% -70%… It’s like the Internet in 2001 when the bubble burst. Many online companies were founded during the decline and now it’s big corporations, such as Facebook”.
He also noted that does not preclude restrictions, censorship and even the emergence of separate national networks — just as in the case with the Internet.
Armstrong continued, saying that this race may play into the hands of startups, as your client base grows. As an example, he cited the Coinbase:
“In 2012-2013, when we started, there were about 500 new accounts per day. After the first big correction was already 1000 accounts a day. Now these figures had reached approximately 50 000”.
Armstrong also believes that the cryptocurrency will gradually cease to be a “niche” phenomenon. According to the observations of the founder of Coinbase, in spite of the decline of the market, penetration and actual use of cryptocurrency is increasing. In addition, continued Armstrong, the recent decision by the SEC and numerous prohibitions of the Central banks to trade cryptocurrencies are not a reason to panic:
“The authorities of many States rightly want to protect the interests of consumers in the course of the implementation of cryptocurrencies, and thoughtful development of regulations is part of that process. But it does not mean that they are against cryptocurrency, just the opposite. Many Supervisory authorities around the world are purposefully making contact with cryptocurrency companies, such as Coinbase, because they realize that this technology allows to remain at the forefront in the field of Finance and IT”.
Overall, Armstrong said that even outside government structures is much more difficult to find cryptonatica. His words confirm the details Coinatmradar: in the last year the total number of machines for purchase and sale of cryptocurrencies has grown 3.5 times, reaching 3500.