Cryptocurrencies are projected to be adopted by more institutions and startups during the coming decade, with the number of the digital currency users rising by 100 million to 1 billion, according to Brian Armstrong, co-founder and CEO of US-based cryptocurrency exchange Coinbase.
Armstrong said those people would be attracted to applications they need for playing games, engaging in social networking or for earning their living, and which use cryptocurrency.
He also expects cryptocurrency to be adopted by more entrepreneurs in raising money on a global scale, which will help build global marketplaces that outperform the pace of traditional startups.
“I believe that by the end of the 2020’s almost every tech startup will have some sort of cryptocurrency component,” he noted.
Armstrong also expects cryptocurrency to be adopted on a wider scale over the coming decade, with more financial institutions having cryptocurrency operation, more funds keeping a portion of their assets in cryptocurrencies.
He forecasts the next decade to witness strong progress in the formulation of market structure for cryptocurrencies, with central banks adopting digital currencies such as the digital yuan, as well as the development of new layer-two scaling solutions that may increase blockchain scalability “by several orders of magnitude”.
The Coinbase CEO also expects basket digital currencies to break out, either by a consortium of associations like Libra or CENTRE, or IMF.
Moreover, a privacy coin may come out during the recent decade, with its adoption will become conventional, said Armstrong, adding that Bitcoin is anticipated to reach $200,000 and more than half of the world’s billionaires’ fortunes will be crypto.