Coinbase CEO: Bitcoin to surpass the dollar as reserve currency within 15 years

[OmegaStarScream]

The CEO of the world's largest bitcoin wallet provider believes that bitcoin could replace the US dollar as the global reserve currency by 2030.

Brian Armstrong, the co-founder and CEO of Coinbase, tweeted on 24 July that he thought "bitcoin could surpass the dollar as reserve currency within 10-15 years". Armstrong also revealed that Coinbase had a "rough plan" to make this happen.

Armstrong's comments come after reports that France's biggest bank, BNP Paribas, is looking at ways to incorporate bitcoin into its currency funds.

BNP Paribas has already been doing "beta testing" with cryptocurrency, a source at the bank told IBTimes UK, and an announcement is expected to be made in the coming weeks.

One of the biggest barriers to bitcoin being used as a store of value has been its volatility, however Armstrong believes bitcoin will overcome this issue as adoption and trust grows.


He also tweeted : "Many will find this crazy, but I think bitcoin could surpass the dollar as reserve currency within 10-15 years."

I'am not sure about you guys but I really don't think that's gonna happen that soon . your thoughts ?

Continue reading the article here : http://www.ibtimes.co.uk/coinbase-ceo-bitcoin-surpass-dollar-reserve-currency-within-15-years-1512429

[hilariousandco]

Well he would say that wouldn't he. I'm sure it *could* replace it but you could say that about anything but it's just speculative opinion at the end of the day

[Amph]

uhm those ceo are not very original aren't they , everyone is just repeating what satoshi has predicted in the past, remember the famous quote, 6 years are passed so 14 remained, and guess what 14 is between 10 and 15....

[TheMage]

The CEO of the world's largest bitcoin wallet provider believes that bitcoin could replace the US dollar as the global reserve currency by 2030.

Brian Armstrong, the co-founder and CEO of Coinbase, tweeted on 24 July that he thought "bitcoin could surpass the dollar as reserve currency within 10-15 years". Armstrong also revealed that Coinbase had a "rough plan" to make this happen.

Armstrong's comments come after reports that France's biggest bank, BNP Paribas, is looking at ways to incorporate bitcoin into its currency funds.

BNP Paribas has already been doing "beta testing" with cryptocurrency, a source at the bank told IBTimes UK, and an announcement is expected to be made in the coming weeks.

One of the biggest barriers to bitcoin being used as a store of value has been its volatility, however Armstrong believes bitcoin will overcome this issue as adoption and trust grows.


He also tweeted : "Many will find this crazy, but I think bitcoin could surpass the dollar as reserve currency within 10-15 years."

I'am not sure about you guys but I really don't think that's gonna happen that soon . your thoughts ?

Continue reading the article here : http://www.ibtimes.co.uk/coinbase-ceo-bitcoin-surpass-dollar-reserve-currency-within-15-years-1512429

I have nothing against Coinbase, but I find this statement from Brian interesting.


IF this were to happen (replace the dollar), they could be put out of business. As a matter of fact I've said multiple times that we know cryptos will succeed when we see payment processors close their doors (or completely revamp their business models).

I know this is not the only business model they have, so im not sure what % of gains are from payment processing. But I would imagine its not insignificant.

[TheMage]

Ohh and mix in the fact that it takes a literal act of congress in order to declare something to be used to legally pay debts. 

[achow101]

There is only one coin out there where none of its users are making such claims.. Whats up with that?

What is that coin?

I have nothing against Coinbase, but I find this statement from Brian interesting.


IF this were to happen (replace the dollar), they could be put out of business. As a matter of fact I've said multiple times that we know cryptos will succeed when we see payment processors close their doors (or completely revamp their business models).

I know this is not the only business model they have, so im not sure what % of gains are from payment processing. But I would imagine its not insignificant.

That is interesting. If Bitcoin succeeds and replaces the dollar, then what will coinbase and other exchangers do? They won't have a market.

[TheMage]

There is only one coin out there where none of its users are making such claims.. Whats up with that?

What is that coin?

I have nothing against Coinbase, but I find this statement from Brian interesting.


IF this were to happen (replace the dollar), they could be put out of business. As a matter of fact I've said multiple times that we know cryptos will succeed when we see payment processors close their doors (or completely revamp their business models).

I know this is not the only business model they have, so im not sure what % of gains are from payment processing. But I would imagine its not insignificant.

That is interesting. If Bitcoin succeeds and replaces the dollar, then what will coinbase and other exchangers do? They won't have a market.

Well exchanges will still be viable, thats half of their business model. But if Bitcoin replaces the dollar, that means companies will accept and hold Bitcoins, therefore there is no need for a payment processor.

[Dire]

Another currency is due to replace the USD as the global reserve currency. China has been angling for it with the Yuan for some time now. Politically, it just depends on who greases the right palms of the right people.

Doubt it will be Bitcoin though. Wish it would be, but I just doubt it. I think Bitcoin will become the true money of the people though, then let the governments play their games with their monopoly money themselves.

https://www.youtube.com/watch?v=3xZmlUV8muY

[markj113]

Its not like the guy is biased and its in his interest to state that lol.

I think we'll see the yuan as reserve currency before BTC

[expert-lister]

Bitcoin is Bitcoin, Dollar is Dollar, as the Gold is gold. Everything in its right place.

[pedrog]

I just wanna sell/spend my bitcoins at 10,000 a coin, world reserve currency!? WOW that's way too optimistic, that puts each coin at a value of millions...

Buy one bitcoin now, be a multimillionaire in 15 years...

[edric]

I saw that.  No way this could happen unless it is adopted by major central banks and dramatically restructured.  The bitcoin network is too vulnerable to attack.  I think ultimately central banks will exert pressure on people to use their cryptocurrencies.

[Beliathon]

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.



Yours in compassion and solidarity,

World Citizen Beliathon

[jonald_fyookball]

uhm those ceo are not very original aren't they , everyone is just repeating what satoshi has predicted in the past, remember the famous quote, 6 years are passed so 14 remained, and guess what 14 is between 10 and 15....

Satoshi said no such thing! (about BTC overtaking the U.S. dollar)

He said the volume would be huge (or zero) but huge could mean
anything.  Today's volume is already huge compared to anything
expected in 2009-2010.

@Beliathon: please come up with an alternative to how trade will take place and values will be exchanged, then talk to us about how this 'anti capitalism' idea can be implemented. otherwise it is just meaningless rhetoric and idealism imho.

[Outlander]

I saw that.  No way this could happen unless it is adopted by major central banks and dramatically restructured. I think ultimately central banks will exert pressure on people to use their cryptocurrencies.

The bank will create their own coins takeing the advantage of blockchain technology. The coins are centralized one and will attatched to fiat money.If ppl still fascinate fiat, they have to use the coins. But the coins cannot compete with bitcoin.

The bitcoin network is too vulnerable to attack. 

Why do you think bitcoin network is vulnerable? The hashpower is so large. No one could break it. IMO the sentence should be the bitcoin's network is too strong to be attacked.

[QuestionAuthority]

Hum, I knew he was a bit young to be a CEO controlling over $100 million in VC money but I didn't think he was clueless (until now).

[mezmerizer9]

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.

Yours in compassion and solidarity,

World Citizen Beliathon

Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade, even now for the modern international trading, domestic business. Original trades were through barter, then currency came out, like wampum and cowries, then silver and gold replaced them. Until nowadays notes are becoming popular. In 2009 the revolutional currency called bitcoin was coming out for us. Bitcoin will be our future's money.

http://www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab14

[bornil267645]

I don't see why Bitcoin needs to surpass the dollar. I mean it should be used in those situations where normal fiat currency fails us. For that to happen, it only needs simple existence, not overall kingdom.

[Hopalong]

I would agree, but as I see it bitcoin is a "small wave" revolution, and coming in right on its heels will be the far larger and more powerful wave of anti-capitalism revolution.

In the a twenty-first century ethics civilization, currency may turn out to be nowhere near as important as it is today. Consider the possibility that decent food, shelter, healthcare, and education may be provided to all human beings as a birthright. In such a world, money will not be anywhere near as central to our lives as it is today.

Yours in compassion and solidarity,

World Citizen Beliathon

Money, one of the earliest and most significant inventions of civilization, is essential to the development of trade, even now for the modern international trading, domestic business. Original trades were through barter, then currency came out, like wampum and cowries, then silver and gold replaced them. Until nowadays notes are becoming popular. In 2009 the revolutional currency called bitcoin was coming out for us. Bitcoin will be our future's money.

http://www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab14

The star trek movies are describing a world like this. The idea is that everybody would be doing their jobs and all wars and conflicts will disapear. Makes me all warm and fuzzy to think about...

[futureofbitcoin]

I don't think this is possible, although he does say he has a plan. Who knows, maybe we'll view him as one of the next generation of geniuses after Larry Page/sergey brin, Elon Musk, etc. in 15 years.