The head of Coinbase’s protocol, Jesse Pollak, expressed optimism about the uptake of cryptocurrencies and predicted that it will accelerate over the following ten years. With a target of 8 billion on-chain users, he predicts most people on Earth will join the blockchain.
Pollak highlighted the cryptocurrency industry’s huge development potential when speaking to Decrypt at EthCC in Paris. Currently, the blockchain ecosystem involves fewer than 10 million people. However, Pollak forecasts a rise to 8 billion within a decade. UN projections suggest Earth’s population will reach 8.5 billion by 2030. A rise to 8 billion on-chain users would effectively cover this growth.
While the internet is widely used in the crypto community, not everyone utilizes it, according to the Coinbase protocols head. According to Statista, there are currently 5 billion internet users globally. Pollak firmly believes widespread cryptocurrency acceptance is happening before us, progressively impacting billions of lives.
On-chain services’ inherently global nature, in Pollak’s opinion, is one of its key benefits. He imagines a world in which everyone has access to the same goods and services, regardless of where they were born or where they currently reside. This inclusiveness supports Coinbase’s mission to introduce 1 billion people to the world of cryptocurrencies.
Pollak Optimism Fuels Crypto Adoption Drive
Coinbase, the leading US cryptocurrency exchange, has made strides with its Ethereum-focused layer-2 blockchain called Base. This progress aligns with their goal of reaching widespread crypto adoption. Base, which was unveiled in February, uses Optimism’s OP Stack to increase the speed and cost-effectiveness of Ethereum transactions. Coinbase’s objective is to broaden on-chain activities, offering more ways for users to engage with the platform. They aim to go beyond trading and speculation, including art, music, gaming, and other consumer goods.
Obstacles to widespread adoption include concerns about the technology’s volatility and past high-profile incidents. During its first fiscal quarter this year, Coinbase saw a 9% decline in monthly transacting users compared to the previous year.
Despite these obstacles, significant players in the cryptocurrency industry, including Deutsche Bank and Citi, have expressed confidence in the inevitable acceptance of cryptocurrencies. By 2030, 200 million people may be using cryptocurrency wallets, according to a research study by Deutsche Bank. Citi ascribed the impending surge of adoption to the tokenization of real-world assets and the growth of central bank digital currencies (CBDC).
Coinbase and other market participants actively strive to make widespread cryptocurrency acceptance a reality. They dedicate themselves to advancing the development of the sector. Jesse Pollak’s optimism reflects the zeal and tenacity driving Bitcoin ecosystem development.