The head of Base protocols, Jesse Pollak, projects that crypto adoption will experience an accelerated period. He predicts that the next decade will witness increased adoption.
Pollak, who is leading Base efforts towards the Ethereum layer 2 network, decries that the population on-chain is barely 8 million today. Speaking during the ongoing Ethereum Community Conference (ECC), the executive is optimistic about increased adoption by billions of individuals in the coming decade.
Coinbase’s Pollak Forecast Massive Crypto Adoption to 8 Billion Users
Pollak’s projection of crypto adoption by billions of individuals portrays an ambitious objective for blockchain tech. The targets are unattainable from the 2023 states where the cryptocurrencies are a spec yet to gain footing in the expansive finance industry.
Critics of Pollak’s speech on Wednesday, July 19, lament that cryptocurrencies are yet to find their legs within the mainstream financial sector. Attempts to expand the scope to integrate the traditional financial sector suffers shortcoming such as the high-profile blowups and volatile prices that continually dent the crypto course.
The realization of 8 billion users would leave cryptocurrencies commanding the dominant slice of humanity – apparently the earth’s current population. Estimates provided by the United Nations indicated that the global population could hit 8.5 billion by 2030.
Is Pollak Projection of Billion Crypto Community Exagerated?
Pollak projections appear overblown, given that not all earth’s inhabitants are internet users. A revisit of Statista data shows that today’s internet users estimate 5 billion worldwide. He considers the numbers would increase, thereby triggering mass crypto adoption. Crypto technology would progressively improve billions of individuals’ lives.
Pollak predicts that the crypto industry would position all individuals on a level playing field. As such, individuals would have access to similar services and products regardless of their birthplace and current residence. He considers the on-chain services as one that would become fundamental by default.
While Coinbase is the leading crypto exchange in the US by transactions, its user community averages 8.4 million monthly in the initial quarter of 2023. Surprisingly, the SEC’s filing illustrates a 9% decline in users’ activity compared to the 2022 performance.
Coinbase Journey to Bring 1 Billion Users
A review of the gamers, nonfungible tokens (NFTs), and ordinals shows increasing support from influential figures. Their pronouncements align with the remarks by the Coinbase lead executive, indicating that adoption would guarantee a pathway to crypto’s success.
Pollak remarks echo the sentiments captured in previous Coinbase’s statements that it intends to bring 1 billion individuals into the digital assets ecosystem. Its achievement will leverage willingness to embrace crypto. In a 2020 publication, Deutsche Bank projected that crypto wallet users will hit 200 million by 2030. Such would match the early growth realized by the internet.
Tokenization of Assets Critical to Deliver Mass Crypto Adoption
Wall Street-based CitiBank predicted that mass crypto adoption would become a reality. The bank revealed in a March update that the looming crypto adoption wave would rely upon the real-world assets tokenization and prevalence of Central bank digital currencies (CBDC).
Pollak is tasked with leading Coinbase activities in the project identified as Base. The project involves the exchange’s layer 2 blockchain focused on Ethereum. The project unveiled in February constitutes a critical component to facilitate Coinbase’s leap toward 1 billion users. It considers the users to comprise individuals who will leverage cryptocurrency as the application platform.
Pollak admitted that Coinbase relies upon Base to improve cost reduction and operations’ efficiency when executing Ethereum transactions on Optimism’s OP Stack. He reiterated that New York would broaden what individuals can accomplish on-chain while tapping Coinbase.
Pollak identified Base as a gateway that would increase the activities and tasks individuals can execute, thereby optimizing opportunities to use Coinbase. Base is beyond speculation and trading as it involves availing consumer products, including art, music, and gaming.
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