Coinbase CEO Brian Armstrong is detailing a new list of predictions for Bitcoin and the cryptocurrency industry at large.
Armstrong says he believes a billionaire Bitcoin “flippening” is coming that will boost science, tech, and charitable causes in the years ahead.
Writing in the Coinbase Blog, Armstrong says,
“Olaf Carlson-Wee and Balaji Srinivasan estimate that at a price of $200,000 per Bitcoin, more than half the world’s billionaires will be from cryptocurrency. Whether you think this is a good thing or a bad thing, it means there will be more pro-technology people with access to large amounts of capital in the 2020s.
Presumably, this will increase the amount of investment made in science and technology, and I think we’ll see more crypto folks turn to philanthropy.”
The crypto exchange head also makes several other predictions about where he sees the digital asset space going in the coming years. Key insights include:
- “Governments and institutions will move into the cryptocurrency space in a big way” by creating central bank digital currencies (CBDCs).
- Privacy concerns will mirror how the internet moved from HTTP to secure HTTPS gateway protocols.
- Marketplaces will mature while decentralized finance (DeFi) grows independently.
Armstrong notes an important pivot away from speculation toward useful applications in people’s everyday lives.
“By shifting cryptocurrency from being primarily about trading and speculation to being about real-world utility, the 2020s will see a huge increase in the number of people holding and using cryptocurrency, and start to really move the needle on global economic freedom.”
Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC
The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency
Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.
In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”
Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”
The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:
The irony is that the people they are supposedly protecting are the ones attacking them.
XRP relisting rumors get a new life
Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.
The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.
As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.
Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.
The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN— Mike Novogratz (@novogratz) October 17, 2021
Coinbase’s run-in with the SEC
Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.
Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.
Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”
The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.
Coinbase Launches Support for New Crypto Assets on Retail Trading Platform
Coinbase is adding two altcoins built on Ethereum to its ever-expanding suite of crypto assets.
After initially only being available on Coinbase Pro, ARPA Chain (ARPA) and Perpetual Protocol (PERP) are now open for trading on the company’s main retail trading platform and mobile applications.
ARPA is the token that powers ARPA Chain, a blockchain-based computation network that features data storage, smart contracts that preserve privacy, and scalable off-chain transactions that can be used to counter credit fraud and secure data wallets.
Other use cases include precision marketing, joint AI model training, and key management systems.
Though ARPA saw its price skyrocket after the original Coinbase Pro listing announcement, it has since stabilized and is exchanging hands at $0.16 at time of writing. It is 13% down from its seven-day high of $0.18, according to CoinGecko.
PERP powers Perpetual Protocol, a decentralized platform for opening up leveraged perpetual contracts in fiat money, cryptos, or other commodities without the need for middlemen.
Perpetual contracts are derivative contracts like futures, except that they don’t have any expiration dates.
PERP is trading at $16.13 as of writing, a 20% decrease from its seven-day high of $19.28, according to CoinGecko.
Coinbase Becomes The Cryptocurrency Partner of The NBA
The NBA welcomed its 75th anniversary by teaming up with the digital asset trading venue Coinbase.
The leading US cryptocurrency exchange – Coinbase – and the National Basketball Association announced a multi-year partnership. Following it, the former became the exclusive cryptocurrency platform partner of the NBA, the NBA G League, the NBA 2K League, the Women’s National Basketball Association (WNBA), and the USA Basketball.
NBA Jumps on The Crypto Bandwagon
The current 2021-22 season of the National Basketball Association is a rather special one as it marks the 75th birthday of the League. To enhance the fans’ involvement during that festive period, the NBA teamed up with the digital asset platform Coinbase.
As part of their involvement, the exchange will “create interactive experiences to engage with the NBA’s incredible community and athletes around the world.” It will also educate basketball fans on the increasing developments happening across the cryptocurrency industry.
Coinbase’s logo will appear on basketball games broadcasted on television. Apart from the NBA, the trading venue will also be the partner of the Women’s National Basketball Association (WNBA), the NBA G League, the NBA 2K League, and the USA Basketball.
Kate Rouch – Chief Marketing Officer of Coinbase – noted that the core of the company’s strategy is to interconnect with participants that believe in its merits, such as the NBA:
“The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.”
Kerry Tatlock – Senior Vice President at the NBA – described Coinbase as a “trusted cryptocurrency platform used by millions.” As such, it is a “natural fit” for the Association, which aims to provide its fans with new ways to interact with the League and each other.
NBA and Crypto: History
The Dallas Mavericks started to accept cryptocurrency payments for tickets and merchandise products earlier this year. These include some of the leading assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Dogecoin (DOGE).
The Sacramento Kings is another club that recently entered the crypto craze. It joined forces with the blockchain company Ankr to educate basketball fans about the development of the digital asset sector.
Subsequently, one of the most successful teams – The Los Angeles Lakers – became the latest name on that list. The club, where the legendary shooting guard Kobe Bryant spent his entire career, announced an official team sponsorship with Socios.com.
As part of the collaboration, the platform will launch virtual events for the fans. There, they will get the chance to communicate with each other and even vote on topics related to their favorite basketball team.