CEO of Coinbase Criticizes Bitcoin Adoption
Currently, Bitcoin may be climbing over the rest of the cryptocurrencies although for now, it's best to keep a lookout. According to reports, Brian Armstrong, the chief executive officer of Coinbase, said that even with more global cryptocurrency adoption, the amount won’t be enough to support their prices.
According to Armstrong, he states that massive adoption, in regards to crypto use cases involving the marquee coin and its utilization for pay is a long way off. Additionally, he says that he believes it’ll be awhile before cryptocurrencies can be used for even simple tasks like paying for a cup of coffee.
As for his predictions, they at a time when the mother coin is currently trading at around $6K on the market, one support level the cryptocurrency has managed to crash under recently, as well as around 70% of its highest value since last year has been shed. His previous statement in which he mentioned Starbucks and crypto-payment for a cup of coffee was made this month, August, and as he claimed, individuals will not be able to pay with BTC or any other coin at their stores.
Right now, Starbucks is collaboration Microsoft, the computer tech-giant, and Intercontinental Exchange on a new platform designed to also support cryptocurrencies. However, more conditions may be required such as exchange cryptocurrencies into fiat currencies to make purchases. The slow adoption rate of cryptocurrencies may also be demonstrated by an estimate made by Brian in which around 10% of digital coins are used to pay for products and services online. He states that many are expected different things from cryptocurrencies but actual adoption is in fact increasing.
However, there are complications and roadblocks along the way as governments place strict regulations and will hinder any progress made in terms of adoption for individuals and financial institutions alike. To provide an example, the CEO referred to the current situation in Iran. He goes on to say that countries suffering under struggling economies and such will result in a heavy rate of crypto adoption.