Armstrong stressed that cryptocurrencies empower individuals by granting economic freedom, enabling them to access their own funds and fully participate in the economy, regardless of the limitations imposed by outdated financial institutions. The crypto industry, according to Armstrong, has overcome the hurdle of illegal cryptocurrency use that previously hindered its progress.
After a significant market correction this year, Armstrong highlighted the 90% surge in cryptocurrency value, accompanied by a 60% increase in trading volume during the fourth quarter. He added that 425 million people across the globe are already cryptocurrency owners, with 83% of G20 nations and key financial centers either implementing or exploring regulatory frameworks for the industry.
Armstrong emphasized that users increasingly favor efficient, accessible, and low-cost payment options, contributing to cryptocurrencies challenging traditional financial institutions.
“Consumers and voters in the United States are actively seeking alternatives to the current payment system, striving for low fees and interest rates. Cryptocurrencies play a crucial role in creating a more open international settlement and payment system,” Armstrong explained.
The Coinbase CEO highlighted that over 100,000 merchants and payment systems, including PayPal and Visa, accept cryptocurrency payments. He also referred to a Circle report, which revealed that stablecoins facilitated over $7 trillion in international settlements over the past year, enabling digital existence for fiat currencies like the U.S. dollar.
Cryptocurrencies are gaining traction among populations in countries with developing economies, including Argentina, Brazil, and Nigeria. In these nations, individuals abroad rely on cryptocurrencies for money transfers. Armstrong cited that such crypto transactions are, on average, 96% cheaper and take just 10 minutes, in stark contrast to traditional methods that take 10 days. Even major financial hubs like London, Switzerland, Hong Kong, and Singapore are transforming into crypto centers to boost blockchain and cryptocurrency job opportunities, Armstrong concluded.
Recently, Armstrong criticized certain senators for attempting to sway American bankers against cryptocurrencies. The Coinbase CEO previously referred to Bitcoin as an “antidote” to inflation.