Coinbase CEO says Bitcoin Mass Adoption Slower than Expected

Coinbase CEO says Bitcoin Mass Adoption Slower than Expected

The bulls are struggling with this plummeting price in the hope of the bitcoin is strengthening fundamentally and is all positive in the extended run with approval increasing. Although this is reliable it’s occurring at a much slower pace than expected at least that’s what Brain Armstrong, CEO of Coinbase says.

Armstrong’s announcement means the horizon is gone a little longer

Coinbase’s Brian Armstrong who was present at the Bloomberg Players Technology Summit in San Francisco suggested in a TV interview given to Bloomberg stating that Bitcoin and cryptocurrency adoption rates around the world are growing, but not quickly entirely to stop the bitcoin price from falling warning the world that mass bitcoin adoption for payments is continuing to be a long time coming. To quote him he stated

“I think it will be quite any time before you cross the road to Starbucks in the U.S. and pay with crypto,”

Armstrong concluded that only about 10% of cryptocurrencies, including bitcoin, are practiced in real life, in games and other purchases online. It is necessary for cryptocurrencies to be used at brick and mortar shops for their actual adoption to grow.

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He too opposed bitcoin to early-stage internet companies and revealed the price volatility by speaking.

“This technology is going within a series of bubbles and corrections, and each time it does that, it’s at a different plateau. People’s expectations are all above the map, but real-world adoption has been going up.”

Armstrong’s Starbucks reference critical as it assumes brick and mortar acceptance a significant boost

As the news surfaced in the beginning August that the coffee chain is partnering up with tech giants such as Microsoft through Intercontinental Exchange, a group of media and crypto community got excited as to digital currencies would find a real-world use case as Starbucks would receive them at its stores. But this joy was short-lived at Starbucks explained its role is to implement a testing ground for implementation of the solutions that will be compared to the conversion of digital assets to fiat, which then can be used to purchase a coffee, tea, or whatever stock the retailer offers. It said that the picture painted by media was that Starbucks would receive cryptocurrencies and manage ownership of these currencies, comparable to how Overstock and Microsoft do, which is very far apart from the truth.

A spokesperson from Starbucks announced in an interview with Jordan Pearson from Motherboard:

“It is necessary to clarify that we are not accepting digital assets at Starbucks. First, the exchange will convert digital assets like Bitcoin into US dollars, which can be practiced at Starbucks.”

Another spokesman had also said that “Customers will not be effective to pay for Frappuccinos with bitcoin,” a Starbucks spokesperson said after it was declared the coffee chain was associated with a new cryptocurrency venture called Bakkt.

Brain Armstrong judgment may not be directly directing to Starbucks, but the evidence defiantly is towards brick and mortar adoption of cryptocurrency so that more people can start using it to buy real goods.

He was also convinced that in economies going through turmoil, such as Venezuela and (to a lesser extent) Turkey, could give bitcoin and cryptos a compelling use case by adopting them as alternative currencies.

“I’m bullish on countries that are going through financial crisis, over the next three to five years, where everyone has the internet and a smartphone, you could see somebody adopting bitcoin and cryptocurrencies as an alternative,” Armstrong said.

While like many others bulls Brian further believes it’s the use case that will drive the cryptocurrency prices, he also says that this needs to be at a little faster rate. Regulation definitely will play an important role as more and more countries come ahead to accept it.

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