Coinbase CEO Says ‘Crypto Economy’ Will Become a ‘Significant’ Percentage of Global GDP
In a recent chat with entrepreneur, investor, and podcast host Anthony Pompliano, Coinbase Co-Founder and CEO Biran Armstrong shared his thoughts about Bitcoin and the crypto economy.
Armstrong’s comments were made on 26 October 2022 during episode #38 of Coinbase’s “Around the Block” podcast.
According to a report by The Daily Hodl, the Coinbase CEO said:
“Typically in down macro environments, we see there’s a flight to safety. In the traditional economy, that was always gold, commodities, things like that. But I think what we’ve realized in this downturn is that the crypto economy is just not a significant enough percentage of the global economy, the broader economy yet, to be actually treated as that digital gold in the sense that people do a flight to safety towards Bitcoin…
“I think we’ll see that probably change over time. I could see in the next five or ten years as the crypto economy really becomes a bigger percentage of the global GDP that people will actually flee to Bitcoin as the sort of ‘new gold’ if you will, but that hasn’t happened yet. Frankly, I’ll admit, I overestimated the chances that Bitcoin would be this inflation hedge in this macro environment. I thought it might actually draw more attention to Bitcoin in this kind of environment, but it looks like we’re a little too early.”..
“It’s going to take decades for the global macro environment to start to think about the crypto economy as the main thing, and we saw something similar happen with e-commerce back 20 years ago when it first started in 1999-2000. People treated it as this sideshow, they would say ‘Ah, I’d never put my credit card into a website. It might get stolen or something.’ And here we are 20 years later and e-commerce is 15-20% of global GDP… So I think the crypto economy will follow a similar trajectory. It just means we probably have another five or ten years to go.“
On 15 October 2022, Coinbase Co-Founder and CEO Brian Armstrong talked about his passion for “accelerating science and tech”, something which he talked about during his recent appearance on episode #627 of “The Tim Ferriss” podcast.
Armstrong went on to say:
“For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way.“
Earlier this month, the Coinbase CEO announced that a documentary film named “Coin” about his firm would be released on multiple streaming services, including YouTube, iTunes, and Amazon Prime, on 7 October 2022.
The film, which is one and 28 minutes long, is directed by ten-time Emmy®-winning filmmaker Greg Kohs, and it “chronicles the rise of a visionary founder in crypto who harnesses the power of this emerging technology to promote a mission of global economic freedom.”
The cast includes Brian Armstrong, Vitalik Buterin, Hayden Adams, Alex Gladstein, Brian Brooks, and David Chaum.
On 4 October 2022, Armstrong took to Twitter to say the following about the film:
“we’ve been working with director Greg Kohs on a documentary about cryptocurrency and Coinbase over the last three years, and it will be coming out this Friday… We gave Greg and his team unprecedented access inside the company, showing the crazy ups and downs of building a tech startup all the way to us becoming a public company. He shows it all – the good, bad, and ugly… I agreed to do this documentary because I wanted to demystify what it takes to build a tech startup and encourage more people to start companies. I also wanted to demystify crypto…
“The world tends to either vilify founders or put them on a pedestal. Neither is true – they’re just regular people trying to make something that people want. And everyone working in crypto believes it can create a more fair, free, and global financial system… As the saying goes, starting a company is like chewing glass and staring into the abyss. It takes incredible determination and a bit of luck.
“But if you succeed, you can change the world, and generate enormous value for millions of people… My belief is that technology is the best lever we have to solve the world’s problems and improve the human condition, and I want to encourage more people to start tech companies. So I decided to pull back the curtain and show people what it’s really like…
“I got in touch with Greg after seeing another film he created called AlphaGo, about DeepMind’s program that defeated the Go champion, Lee Sedol. It was a powerful story, and it’s what convinced me to trust him to tell our story… hope you all go and see the film – and that policy makers see it as well. I believe it will help advance the cause of cryptocurrency, showing the motivations of the many hard working people driving this industry forward.“
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