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Coinbase CEO: 'global GDP running on crypto rails will increase dramatically'

Web3/Crypto

Brian Armstrong (middle), Co-founder & CEO of Coinbase | Steve Jurvetson from Los Altos, USA

By Crypto Republique

Dec 17, 2024

Brian Armstrong, co-founder and CEO of Coinbase, said that the percentage of global GDP operating on cryptocurrency rails is expected to increase significantly over the next decade. This statement was made on December 12 during a discussion focused on the efficiencies of stablecoins.

"Crypto is the only payment rail that checks all 3 boxes: fast, cheap, global," said Armstrong, Co-founder & CEO. "Under 1 second, and 1 cent, anywhere in the world. the % of global GDP running on crypto rails will increase dramatically over the next 10 years."

Armstrong's comment was in response to Peter Schroeder, who shared a chart comparing the efficiencies of stablecoins with traditional payment methods. Schroeder emphasized stablecoins' minimal transaction fees and global accessibility, contrasting them with the higher costs and slower processing times associated with credit cards, Automated Clearing House (ACH) transfers, and international wire transfers.

Brian Armstrong's X post on crypto | https://x.com/brian_armstrong/status/1867284722683912407?s=12&t=fSbw2ruvg9SPttIszTzDpg

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According to Editverse, cryptocurrency transactions are completed within minutes, unlike traditional banking systems that require multiple days for processing. This quick settlement is particularly advantageous for cross-border payments, which often encounter delays and incur higher fees. The efficiency of cryptocurrencies offers an alternative for global financial activities.

In 2024, approximately 562 million people worldwide owned cryptocurrencies, marking a 34% increase from the previous year. This growth indicates that 6.8% of the global population now holds digital assets. Asia leads this trend with ownership rising by 21.8% to reach 326.8 million individuals, as reported by Triple-A.

Chainalysis reports that in November 2024, Binance led centralized exchanges with 39.1% of total spot trading volume, amounting to $979.1 billion—a significant increase from the previous month. Crypto.com ranked second with an 11.4% market share and $286.1 billion in trading volume. Coinbase followed in fifth place with a 6.9% market share and $172.9 billion in trading volume.

According to his LinkedIn profile, Armstrong is the Co-founder and CEO of Coinbase since its inception in 2012, leading it to become a prominent player in cryptocurrency services. He graduated from Rice University with a Master’s and Bachelor’s degree in Computer Science and a Bachelor’s degree in Economics. Before founding Coinbase, Armstrong worked as a Technical Product Manager at Airbnb and founded UniversityTutor.com.