The future of money is here – and it’s crypto

Brian Armstrong emphasized that cryptocurrencies give people economic freedom by giving them access to their own money and allowing them to participate fully in the economy, despite the restrictions of powerful but outdated financial companies. According to Armstrong, the crypto industry has “turned the page on the illegal use of digital assets”, which was distracting from their development.

The Coinbase executive explained that after a major market correction this year, the value of cryptocurrencies increased by 90%, which was accompanied by a 60% increase in trading volume in the fourth quarter. Armstrong noted that now 425 million people around the world already own cryptocurrencies. In addition, 83% of the Group of Twenty (G20) countries and major financial centers have either implemented or are in the process of developing rules to regulate the industry.

He added that users increasingly prefer fast, accessible and cost-effective payments, which is why cryptocurrencies are challenging traditional financial institutions.

“People want to make payments and transfer money cheaply without being charged high fees and interest rates. Today in the United States, half of consumers and voters are actively looking for alternatives to the current payment system. And cryptocurrencies help create a more open international system for settlements and payments,” Armstrong said.

He emphasized that around the world, more than 100,000 merchants and payment systems themselves accept payments in cryptocurrencies, and among these companies are PayPal and Visa. Armstrong also mentioned a report from Circle, according to which the volume of international settlements with stablecoins exceeded $7 trillion over the past year. This means stablecoins help fiat currencies like the U.S. dollar exist in digital form, Armstrong said.

In countries with underdeveloped economies - Argentina, Brazil and Nigeria - cryptocurrencies are becoming increasingly popular among the population: people living and working abroad use cryptocurrencies for money transfers. Cryptocurrency transfers are on average 96% cheaper than traditional ones, and take 10 minutes rather than 10 days, according to Armstrong’s article. Even major financial hubs - London, Switzerland, Hong Kong and Singapore - are turning into crypto centers to expand the number of jobs in the field of blockchain and cryptocurrencies, Armstrong concluded.