Sunday, 18 November, 2018

Coinbase Was Adding 50000 Users a Day, Says CEO Brian Armstrong

Coinbase was signing up 50,000 users every day last year Coinbase Is Still Adding 50,000 Users a Day Despite the Bear Market
Rhonda Young | 17 August, 2018, 19:09

Bitcoin's price is now sitting at $6,400, up from weekly lows of $5,950 on Coinbase.

One of the companies ICE was allegedly working with was Starbucks.

"Customers will not be able to pay for a Frappuccino with bitcoin", a representative later alleged following the announcement that the coffee king would work with Bakkt.

At the recent Bloomberg Players Technology Summit, CEO Brian Armstrong revealed that the company's customers have traded $150 billion worth of cryptocurrency over the past year and growth has been steady despite an extremely turbulent market.

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Armstrong also shared a common sentiment that most cryptos are only used for speculative investing, saying that around 10% of now traded cryptos are used to make purchases or to conduct financial transactions.

Many people are concerned that the bear market may persist until major developments are made that bring regulatory clarity and widespread adoption.

While Armstrong didn't reveal how many users the company is now adding a day, he noted bitcoin's price has gone through a series of bubbles, each one reaching a new plateau.

That said, Armstrong believes Starbucks will stay off the menu for the time being, despite the company's participation in the NYSE parent company's new cryptocurrency adoption venture. People's expectations are all over the map, but real-world adoption has been going up. "They rightly want to protect consumers, though, and there are going to be some countries in the world, just like the internet, where bitcoin and cryptocurrencies are restricted".

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What does this mean for cryptocurrency adoption? . In addition, he says not every country is likely to see the benefits of digital currency, and along with the internet, will ban the use of bitcoin among its residents. He went on to predict economic crises around the world taking place over the next 3-5 years.

Armstrong did not compare the company's current daily sign-ups to previous growth rates; however, Coinbase's 20 million users suggests that, on average, the exchange has signed up 25,600 new users every day since November 27, 2017. It is unknown what Coinbase's current daily registration numbers are.

Images courtesy of Shutterstock, TradingView.

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