Brian Armstrong, co-founder and CEO of Coinbase, has emphasized the efficiency of cryptocurrency as a payment method, citing its speed, cost-effectiveness, and global reach. This statement was made on December 12 via social media.
"Crypto is the only payment rail that checks all 3 boxes: fast, cheap, global," said Armstrong, Co-founder & CEO. "Under 1 second, and 1 cent, anywhere in the world. Like water, payments flow to the path of least resistance. There is only one conclusion you can draw from this: the % of global GDP running on crypto rails will increase dramatically over the next 10 years."
Armstrong's remarks were in response to Peter Schroeder's comparison chart, which highlighted the advantages of stablecoins over traditional payment methods. Schroeder noted that stablecoins offer low transaction fees (less than $0.01) and global availability, contrasting them with the higher costs and slower settlement times associated with credit cards, Automated Clearing House (ACH) transfers, and international wire transfers.
Brian Armstrong's X post on crypto
| https://x.com/brian_armstrong/status/1867284722683912407?s=12&t=fSbw2ruvg9SPttIszTzDpg
According to Editverse, cryptocurrency transactions can be completed in minutes, unlike the multi-day processing times typical of traditional banking systems. This rapid settlement is particularly beneficial for cross-border payments where conventional methods often involve delays and higher fees. The efficiency of crypto transactions presents an alternative for global financial activities.
Triple A reports that by 2024, approximately 562 million individuals worldwide will own cryptocurrencies, marking a 34% increase from the previous year. This surge indicates that about 6.8% of the global population now holds digital assets. Asia leads this trend with ownership rising from 268.2 million to 326.8 million, reflecting a 21.8% increase.
Chainalysis data from November 2024 shows Binance leading centralized exchanges with a 39.1% share of total spot trading volume at $979.1 billion—a 130.9% increase from the previous month. Coinbase ranked fifth with a 6.9% market share and $172.9 billion in trading volume, marking a 184.0% month-on-month growth.
Armstrong is known for his role as co-founder and CEO of Coinbase, serving over 100 million users across more than 100 countries. In addition to his work at Coinbase, he launched GiveCrypto.org in 2018 to distribute cryptocurrency globally and signed the Giving Pledge to donate most of his wealth. His professional background includes positions at Airbnb and Deloitte, along with three degrees from Rice University in computer science and economics.