Coinbase CEO Expects 2020 To Be The Year of Privacy Coins

By Kapil Gauhar

With Bitcoin denoting its 11th year of presence and the rest of the virtual currency market entering another decade, the question that has been talked about the most is what next for Bitcoin and other digital currencies, with the attention being on its performance this year. The most recent important individual in the crypto-market to respond to this inquiry is the CEO of Coinbase, Brian Armstrong.

Armstrong, in a recent blog post, expressed that the following decade would be about a blockchain that wouldn’t exclusively be scalable, however would likewise have executed privacy features. Simultaneously, such a blockchain would “reach about 1B users by the end of the decade.” As far as scalability is concerned, the CEO of one of the leading cryptocurrency exchange in the world expressed that this year would either be about second-layer solutions or blockchains that conveys higher TPS.

Armstrong stated –

“Just like broadband replacing 56K modems led to many new applications on the internet (YouTube, Uber, etc), I believe scalability is a pre-requisite for the utility phase of crypto to really get going. Once we see blockchains with several orders of magnitude scalability improvements, we will new applications start to develop more rapidly.”

Furthermore, the CEO is additionally very idealistic about privacy in the blockchain space. He estimate that privacy would be executed into “one of the predominant chains” this year, seeing a change like that of HTTP to HTTPS.

Armstrong said –

“I believe we’ll eventually see a ‘privacy coin’ or blockchain with built-in privacy features get mainstream adoption in the 2020s. It doesn’t make sense in most cases to broadcast every payment you make on a transparent ledger.”

Additionally, Brian Armstrong likewise opined on one of the most disputable points in the crypto market recently, Libra, and state-upheld digital currencies. Considering the reaction to Libra from Washington DC, Armstrong expressed that “China stepped up” to launch its own virtual version of Yuan, while “making blockchain one of their core technology investments.”

He said –

“CENTRE, with its USD Coin, may be the solution that U.S. turns to, or the Fed may try to implement their own digitized dollar using blockchain. I think we will then see basket digital currencies come out, either by a consortium like Libra or CENTRE, or possibly the IMF itself.”