Recently, the well-known crypto exchange Coinbase has published a report regarding the predictions of its CEO, Brian Armstrong, for the blockchain sector in 2024.
What emerges clearly is that cryptocurrencies are the future, as they increasingly shape the new online world, even in terms of adoption. Let’s see all the details below.
Summary
Crypto, DeFi, Web3 and more: Coinbase’s predictions for 2024
As anticipated, in the new report of the crypto exchange Coinbase, the forecasts for the DeFi sector in 2024 are clearly outlined.
Specifically, it is stated that cryptocurrencies not only have consolidated their presence, but they are also emerging as the future of the financial system.
The industry has indeed overcome the issues related to illegal behaviors that in the past have overshadowed its progress, moving towards a compliant growth.
Despite a significant market correction, cryptocurrencies have recorded a 90% increase in value over the course of the year and a 60% increase in the fourth quarter, as stated:
“Globally, 425 million people own them, and about 83% of G20 countries and major financial centers have already issued or are working on regulations to ensure certainty in the sector.”
With this widespread adoption and momentum, innovation in the industry develops organically.
Furthermore, the approval by the SEC of the bitcoin spot ETFs could act as a catalyst for a new growth phase, positioning cryptocurrencies as a separate asset class.
However, their role is growing not only as financial resources, but also as a driving force for the necessary evolutions in the traditional financial system.
As the use of cryptocurrencies grows, so does their utility, transitioning from simple assets to guiding tools for essential updates to the secular financial system.
Consumers, who have grown up in the era of the Internet, now demand the ability to move their money with the speed, scope, and autonomy that traditional financial institutions and the online payment systems associated with them struggle to offer.
The request is for an affordable and convenient financial transfer, without restrictions imposed by powerful institutions and without high burdens in terms of fees and interest rates.
Crypto revolution: fast and globally accessible payments
In the United States, for example, over half of the consumers and key voters are actively exploring alternatives to the current financial system.
This trend is particularly pronounced among adults aged 18 to 40 (52%), African American citizens (60%), and Hispanics (47%).
Worldwide, over 100,000 merchants and payment services accept cryptocurrency transactions, including giants like PayPal and Visa.Â
This phenomenon is driven by several reasons, including lower fees, faster transactions, and the opportunity to reach new customers.
In 2022, global on-chain stablecoin transfers approached $9 trillion, surpassing the combined sum of Mastercard, Amex, and Discover.
Stablecoins, as digital representations of currencies like the US dollar, offer significant advantages, being faster, more convenient, and accessible compared to traditional currencies, without compromising stability and security.
For regular users, they represent the benefits of cash, but without the inconveniences associated with it. Moreover, in countries with unstable governments and currencies, they offer secure cross-border transactions.
Countries characterized by low economic freedom, such as Argentina, Brazil, and Nigeria, stand out for high rates of usage and adoption of cryptocurrency payments as a significant part of national wealth, benefiting from a large population.
Migrant workers use cryptocurrencies to send remittances, with approximately one in nine people worldwide relying on them.
Crypto transfers are, on average, more cost-effective than other options by 96% and only take ten minutes, unlike traditional transactions that can take up to ten days.
Global financial centers, such as London, Switzerland, Hong Kong, and Singapore, are emerging as crypto hubs, attracting jobs and talent thanks to a more open and globally interconnected financial system.
Coinbase leading the crypto revolution
In other words, the report shows that cryptocurrencies are emerging as a driving force for economic freedom, offering people direct access to their own money and fair participation in the economy, challenging powerful traditional institutions.
In this regard, Coinbase is committed to extending this economic freedom to over one billion people.
With the widespread growth of cryptocurrency usage, the company focuses on creating reliable and compliant products and services, supporting other innovators, and advocating for fair rules to democratize the benefits of cryptocurrencies in the United States and around the world.
Coinbase Wallet is revolutionizing global money transfers, allowing anyone to send funds anywhere in the world at no cost and with instant settlements, eliminating fees and long waits.
The decentralized L2 Base, incubated by Coinbase, is opening up new horizons for payments, aiming for transactions in less than a second, with costs lower than a cent, allowing everyone to create extraordinary on-chain apps.
The new Coinbase International Exchange, which offers spot and perpetual futures trading, is becoming a reference point in the global cryptocurrency ecosystem.
In particular, by redefining industry standards, keeping trust, security, and ease of use at the center of its operations.
The international expansion strategy “Go Broad, Go Deep” of Coinbase is accelerating the global adoption of cryptocurrencies.
Recently, the company has obtained licenses or expanded its presence in key markets such as Canada, Spain, and Bermuda, establishing Ireland as the headquarters for its EU MiCA entity.
