Brian Armstrong Optimistic Bitcoin Crypto and ETF Industry Has a Bright Future

Check the Crypto Market Today:

Brian Armstrong, crypto magnate and CEO of Coinbase, the world's largest crypto trading platform, shared his views on the development of the crypto industry and the positive impact of the recently launched exchange traded funds bitcoin spot (ETF) in the United States. Coinbase CEO, Brian Armstrong, said that a bitcoin ETF will open up new opportunities for Coinbase and the crypto industry as a whole.

In a fourth-quarter earnings announcement held last week, Armstrong revealed that Coinbase has won most of the spot bitcoin custody mandates from bitcoin ETF issuers. Coinbase Custody, a crypto asset custody service owned by Coinbase, currently handles about 90% of the $36 billion (Rp561 trillion) of existing bitcoin ETF assets.

"We've always said that ETFs are going to be a boon for Coinbase, and we're starting to see that happen on our platform," Armstrong said. "This will open up new capital to flow into the crypto space with Coinbase playing a key role here. We get revenue, not just from daycare, but also from trade and financing."

Also read:

Bitcoin ETF Attracts Market Interest

Armstrong also highlighted the market's enthusiasm for bitcoin ETFs, which set record transaction volumes and inflows. The bitcoin ETF has attracted more than $4 billion (Rp62 trillion) in net inflows since its launch in October 2023. Bitcoin ETFs have also become the second-largest commodity ETFs in the United States, surpassing silver.

"When gold was launched in November 2004, it took a year to reach $3 billion. This ETF did that within weeks. So it's really an incredible start," Armstrong said. "This is really just the beginning. We're now starting to see some issuers filing applications for ethereum ETFs, for example. We have been named as depositors in five of the eight ETH ETF applications."

Armstrong also shared Coinbase's top priorities for this year, which are to increase revenue, especially from trading fees and stablecoins, increase usability in crypto, and drive regulatory clarity for the industry. He emphasized that Coinbase is not worried about cannibalization from ETFs, because ETFs will actually increase crypto adoption by institutions and investors.

Check Crypto Price Today:

Institutions Start Storing Cryptocurrencies

"What's even more important is that as every institution now starts holding crypto, this asset class will become a standard part of any diversified portfolio," Armstrong said. "The financial system is officially adopting crypto. It's very good, and Coinbase is the most trusted partner here."

Armstrong added that institutions will not only buy and store crypto, but will also use crypto in other ways, such as holding it in their balance sheets, paying their vendors, and doing payroll. He hopes that cryptocurrencies will drive even more of the global gross domestic product (GDP).

"We want crypto to drive even more of global GDP. We have to make this happen through every opportunity we have. So ETFs are very positive, I think, for our business," Armstrong concluded.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappbeti.

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.

Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Pros and Cons of Investing in Bitcoin ETFs

What are the 11 Bitcoin ETFs approved by the SEC

Profile and Biography of Brian Armstrong

DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. The price of crypto assets is volatile, where prices can change significantly from time to time and Bittime is not responsible for fluctuations in the exchange rate of crypto assets.