Brian Armstrong announced in his latest tweet that digital gold will follow the same path as e-commerce.
Brian Armstrong, the CEO of Coinbase, has released a timeline predicting the time of global adoption of Bitcoin. According to Armstrong, the digital currency industry is still in its infancy.
Predicting the future of digital gold
In a new episode of the Around The Block podcast, Armstrong stated that Bitcoin’s market cap is not yet large enough to call it digital gold. According to Armstrong, Bitcoin will enter a new asset class in the next decade.
Brian continued, “In low-end macro environments, most assets are trying to get into the safe and stable asset class. In the traditional economy, gold plays the role of a safe asset. In the traditional economy, gold is a safety asset. We cannot yet refer to Bitcoin as digital gold.
Armstrong believes that over time we will see the situation change. The crypto economy is expected to account for a larger percentage of global GDP in the next ten years. In the future, Bitcoin will be referred to as digital gold.
The similarity of cryptocurrency with e-commerce
According to Armstrong, cryptocurrencies could follow a similar path to the adoption curve of e-commerce. In this regard, he added:
When I started Coinbase ten years ago, I thought it was too early, I still feel that way.
As with e-commerce, it will take decades for the global macro environment to see the crypto economy as a major financial event. E-commerce started in 1999-2000. People looked at this issue with the eyes of the side show and were worried about the security status of their assets. Now, after 20 years, e-commerce accounts for 15-20% of the world’s total GDP. The cryptocurrency economy will follow a similar path. Considering the past of e-commerce, the crypto economy still has five to ten years to go.