What Does A Surge In Coinbase Customers Mean For Bitcoin Adoption?
Brian Armstrong, the CEO of Coinbase has told Bloomberg that last year, the exchange was dealing with up to 50,000 new customer sign ups per day, suggesting that between the years of 2017 - 2018, we saw the biggest surge yet in the popularity of cryptocurrency. Of course, we already know that this is the case and we know that popularity was spurred on by a huge surge in the value of cryptocurrency, but thereâs a bigger picture to be explored here.
Moreover, according to Bloomberg, Armstrong added:
âThis technology is going through a series of bubbles and corrections, and each time it does that, itâs at a new plateau. Peopleâs expectations are all over the map, but real-world adoption has been going up.â
âI think it will be quite some time before you cross the street to Starbucks in the U.S. and pay with crypto. Now itâs getting harder and harder to be a crypto skeptic.â
See more for yourself, here.
50,000 new users per day is a stunning amount and suggests a huge surge in the level of interest in cryptocurrencies. Of course not all of these new customers will invest, perhaps they only signed up in order to truly explore what the exchange had to offer. Also, many of these customers may indeed be new to Coinbase, but could have been trading on other exchanges for some time first.
Either way though, handling over a million new customers a month is a stunning feat, and really does prove that cryptocurrency adoption is on the up, regardless of whether or not these new customers go on to trade, at the very least, this proves that crypto is something people want to learn about. As Armstrong states, it is becoming harder and harder to be a crypto sceptic, when time and time again, cryptocurrency proves itself to be a part of a culture and a technology for the future.
What does this mean for cryptocurrency adoption?
It means that people are keen and open to exploring the technology. That is the most important thing to take from this. Education is the factor that will make adoption real, if people arenât willing to learn, cryptocurrency will remain within the underground. But, if a million new people a month want to learn about it, it wonât be long before entire cities change their stance on crypto.
Coinbase are spearheading a revolution here.