Last Updated on April 17, 2023 by Bitfinsider

Within the blockchain community, there has been debate over the acceptance and utility of cryptocurrencies, with some claiming that adoption of cryptocurrencies is already strong. As an illustration, Brian Armstrong, the CEO of Coinbase, recently stated on Twitter that “there is quite a lot of usage beyond speculation also.”

He also emphasized how amazing it is that in just a decade, between 2 and 300 million individuals have at least looked into cryptocurrency. According to Armstrong, assuming adoption rates remain the same, 2 to 3 billion individuals might adopt cryptocurrency in the next ten years.

Armstrong claims that regulatory clarity and the scalability provided by layer-2 technologies are the case’s two biggest unlocks. He also mentioned that usability will play a big role in the acceptance of cryptocurrencies over the coming ten years.

This message from Brian Armstrong was in response to a discussion on Twitter started by @_blakewest on how cryptocurrency would have expanded over the previous ten years if it weren’t for regulations.

The tweet remarked that despite only being around for ten years and facing opposition from regulators, people continue to make fun of cryptocurrencies and their worth. Blake even provided a list of potential cryptocurrency use cases that might be tested in an effort to increase adoption.

For instance, Blake emphasized how cryptocurrency might be utilized to create a system for quick stock trade settlement that would do away with the costs associated with clearing houses. Although there is a possibility, regulators continue to forbid cryptocurrency from listing securities on-chain.

Blake also noted that by using blockchain, exchanges may be made that abide by rules pertaining to assets like real estate, loans, etc. The regulations for such, meanwhile, are very strict in the US.

Blake also mentioned that independent regulatory reporting would be less expensive on the chain. It is possible for banks to provide “instant 24/7 transactions among accounts.” The law forbids banks from keeping cryptocurrency or accepting deposits via blockchain, nevertheless.

Stablecoins might be used to make direct card-free payments to merchants. Diem, a well-known stablecoin that could achieve that, was made illegal, though. According to Blake, regulatory concerns are the fundamental reason why cryptocurrency adoption is now lacking.