Coinbase CEO believes that Bitcoin will become a new gold

Coinbase CEO Brian Armstrong believes that Bitcoin will be able to become a reliable asset for investors by 2030.

According to Armstrong, at the moment Bitcoin’s market cap is not yet large enough for it to become a serious flight-to-safety asset for investors.

However, the situation may change over the next decade. By this time, the crypto market will grow and take a greater share of global GDP. Then Bitcoin can become a new gold.

Armstrong also admitted that he overestimated the chances that Bitcoin would be the inflation hedge. He assumed that the current economic situation would attract more attention to Bitcoin, but this did not happen, since the crypto industry is still in its early development.

According to Armstrong, the cryptocurrency market will have to make about the same way that e-commerce had to make at one time. In 1999-2000, when e-commerce first started, people felt suspicious of it. However, 20 years have passed, and now e-commerce is about 20% of global GDP. Armstrong believes that the crypto industry will follow the same path.

Earlier, Ark Invest chief investment officer Cathie Wood expressed a similar view. In her opinion, Bitcoin will be able to become more valuable than most fiat currencies. The experienced cryptotrader and analyst Tone Vays suggested that in 2023 the value of Bitcoin will grow by 400%.

This month, Bitcoin entered the Guinness World Records by several criteria at once, including as the first decentralized cryptocurrency, the oldest cryptocurrency and the most valuable cryptocurrency.