Blow To Bitcoin as CEO of Coinbase makes Stark Warning

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Coinbase CEO Brian Armstrong sits for a portrait at their San Francisco office on May 4, 2018. (Photo by Christie Hemm Klok for The Washington Post via Getty Images)

Bitcoin and cryptocurrency adoption rates around the world are growing, but not fast enough to prevent bitcoin's price from falling – and now the administrator Coinbase delegate, based in San Francisco, one of the largest exchanges of cryptocurrencies, warned that the widespread adoption of bitcoins for payments will come a long time

The price of bitcoins is currently little more than $ 6,000 after falling under the psychological barrier yesterday for the second time this year – the price fell about 70% from the highs recorded at the end of last year and many of the most recent cryptocurrencies created in recent years they were almost sweep away.

Bitcoin's price is very far from its 2017 Ciao ghs in recent months. CoinDesk

"I think it will take some time before crossing the road to Starbucks in the United States and paying with crypto," Brian Armstrong of Coinbase warned & nbsp; in an interview with Bloomberg to the Bloomberg Technology Summit players in San Francisco.

Starbucks has recently been forced to row from reports it is working with Microsoft Exchange and the owner of the New York Intercontinental Exchange on a new digital platform that will allow its customers to use bitcoins and other cryptocurrencies to & nbsp;

"Customers will not be able to pay Frappuccino with bitcoins," a Starbucks spokesman said after the coffee chain was announced with a new cryptocurrency firm called Bakkt.

Armstrong & nbsp; estimated that only about 10% of cryptocurrencies, including bitcoin, are used in real life, in games and other online purchases.

It has been suggested that in terms of bitc adoption of oin and cryptocurrency we find ourselves at the same point in time since the Internet was in 1994 . What is worrying is that we still have the bitcoin equivalent of the dotcom bubble to watch, even though 2018 could be just that.

It has been suggested that we are still at the beginning of the adoption of bitcoin and cryptocurrency, similar to the Internet in the 1990s. DK / Medium

Armstrong said:

This technology is going through a series of bubbles and corrections, and every time it does, it's on a new level. People's expectations are everywhere on the map, but the adoption of the real world has increased.

While this slow adoption step means there are still billions of people around the world who could possibly buy in bitcoins – reported in a recent survey – it is also likely to mean pain in the short term for investors who have recently purchased.

Elsewhere, the regulation was a problem for bitcoin and crypto and Armstrong warned that there will be obstacles in some places where governments want to discourage the use of bitcoins, such as Iran that has banned people and banks to exchange digital currencies.

"Most places in the free world are adopting this technology – they rightly want to protect consumers, however," said Armstrong. "There will be some countries in the world, just like the Internet, where bitcoins and cryptocurrencies are limited."

However, Armstrong is sure that in the economies that are going through unrest like Venezuela and (to a lesser extent) Turkey bitcoins and cryptocurrencies have their case of stronger use.

"I am bullish in the countries that are going through the economic crisis, in the next three to five years, where everyone has the Internet and a smartphone, alternatively you see people who adopt bitcoins and cryptocurrencies".

Coinbase helped customers exchange $ 150 billion of cryptocurrencies in the last year, & nbsp; Armstrong told Bloomberg, and said that Coinbase was underwriting 50,000 new customers a day last year. & nbsp;

He did not say how many new users that Coinbase is recording at the moment, however.

"> [19659020] Coinbase CEO Brian Armstrong sits for a portrait in the San Francisco headquarters on May 4, 2018. (Photo by Christie Hemm Klok for The Washington Post via Getty Images)

bitcoins and cryptocurrencies around the world are growing, but not fast enough to prevent the price of falling bitcoins – and now the managing director of Coinbase, one of the world's largest cryptanalute exchanges based in San Francisco, warned that The widespread adoption of bitcoins for payments will come a long time.

The bitcoin price is currently just over $ 6,000 after falling below the psychological barrier yesterday for the second time this year. The price of bitcoin has fallen by 70% compared to the highs recorded at the end of last year and many of the most recent cryptocurrencies created in recent years have been almost wiped out.

The price of bitcoins is lower compared to 2017 CoinDesk

"I think it will take some time before you cross the road to Starbucks in the United States and pay with crypto," warned Brian Armstrong of Coinbase in a & # 39 Interview with Bloomberg for Bloomberg players. Technology Summit in San Francisco.

Starbucks has recently been forced to row from reports it is working with Microsoft Exchange and the owner of the New York Intercontinental Exchange on a new digital platform that will allow its customers to use bitcoins and other cryptocurrencies in its stores.

"Customers will not be able to pay Frappuccino with bitcoins," a Starbucks spokesman said after the coffee chain involved in a new cryptocurrency company called Bakkt was announced.

Armstrong estimated that only about 10% of cryptocurrencies, including bitcoin, are used in real life, in games and other online purchases.

It has been suggested that in terms of bitcoin and the adoption of cryptocurrency we find ourselves at the same time as the Internet was in 1994. Worryingly this could mean that we still have the bitcoin equivalent of the dotcom bubble to watch , even if the 2018 route could be just that.

it has been suggested that we are still at the beginning of the adoption of bitcoin and cryptocurrency, similar to the Internet in the 1990s. DK / Medium

Armstrong said:

This technology is going through a series of bubbles and corrections and every time it does, it's on a new level. People's expectations are everywhere on the map, but the adoption of the real world has increased.

While this slow adoption step means there are still billions of people around the world who could possibly buy into bitcoins – as reported in a recent survey – it is likely to mean short-term pain for investors who they have recently bought.

Elsewhere, the regulation was a problem for bitcoins and crypts and Armstrong warned that there will be barriers in some places where governments want to discourage the use of bitcoins, such as Iran that has banned people and banks to exchange digital currencies.

"Most places in the free world are adopting this technology, but they want to protect consumers," Armstrong said. "There will be some countries in the world, just like the Internet, where bitcoins and cryptocurrencies are limited."

However, Armstrong is confident that in the economies that are going through unrest, such as Venezuela and (to a lesser extent) Turkey, bitcoins and cryptocurrencies have their strongest use case.

"I am optimistic in the countries that are going through the economic crisis, in the next three or five years, where everyone has internet and a smartphone, you could see people who adopt bitcoins and cryptocurrency as an alternative," Armstrong said.

Coinbase helped customers exchange $ 150 billion of cryptocurrencies in the last year Armstrong told Bloomberg and said that Coinbase was subscribing 50,000 new customers a day last year.

He did not say how many new users Coinbase is recording at the moment, however.

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