Earlier today on July 11th, new CTO of Coinbase Balaji S. Srinivasan tweeted optimism about the future of cryptocurrency, stating that a 60X growth in userbase is imaginable.
With Bitcoin crashing from a gargantuan price of $20,000 back down to $5,700, many observers have once again sounded the familiar gong of “Bitcoin is dead”. However, veterans and critical figures of the cryptocurrency space remain hopeful about the future of cryptocurrency. Srinivasan argues in his newest tweet that industry is “just getting started”.
His tweet provides a simple and logical explanation for the optimistic future of crypto. Statistically, only 1 percent of people in the world hold cryptocurrency while 63% of adults are in possession of a smartphone. The second article linked on the tweet states that two-thirds of adults worldwide will own smartphones next year. Srinivasan argues that there is plainly a mathematical potential of a 60x growth in userbase.
— Balaji S. Srinivasan (@balajis) July 11, 2018
Some readers might stipulate that the problem is that not all smartphone users might want cryptocurrency, and they would be correct – Srinivasan assumes that smartphone users will eventually want or desire cryptocurrency. However, he does not base the assumption on groundless thought; the first linked article points to a survey that shows that most people have not bought cryptocurrency because of misconceptions or lack of understanding. Srinivasan clearly believes that the future will bring clarity to the public about the reality of cryptocurrency, leading to mass adoption.
While such a succinct tweet should not be taken too seriously, it is calming for the cryptocurrency community to see that critical figures such as the CTO of Coinbase, one of the most influential cryptocurrency exchanges, remain confident about the future at such a turbulent time in the market.