Brian Armstrong says Coinbase will benefit from large capital inflows into cryptocurrencies via Bitcoin ETFs
Coinbase's CEO says the crypto exchange will get a boost from new capital coming into the space via Bitcoin (BTC) exchange-traded funds.
In a new interview on CNBC Television, Coinbase CEO Brian Armstrong says the expected BTC ETFs will soon flood the crypto industry with institutional capital and new users, complementing the leading US crypto exchange.
He also points out that most ETF applications list Coinbase as the BTC custody provider.
“Whenever a new technology or product comes onto the market, you always have to ask yourself, 'What percentage of this is a replacement for what came before it, and what percentage is a complement?'”
Of course, it's usually never 100% one or the other. I think in this case it's mostly a compliment. You could say it's 80/20 either way, something like that. Our goal with cryptocurrencies is to integrate them into all areas of the economy. We want to use the huge pools of capital in foundations, institutions and pension funds.
They should all be able to participate in this new asset class and so I think it will be primarily complementary. We will see large pools of new capital flowing into cryptocurrency. I think that’s one of the reasons why the price of Bitcoin is up 90% year-to-date in anticipation of this.”
Armstrong goes on to say that both retail and blue-chip investors will likely want to own more than just BTC ETFs and will flock to crypto exchanges like Coinbase to gain access to other products.
“There will also be a huge retail and institutional segment – they don't just want to own an ETF for Bitcoin, they want to own other crypto assets, or they want to earn stake rewards on their assets, or they actually want to.” Participate in cryptoeconomics [via] Stablecoins, trading, NFTs (non-fungible tokens) and web3.
So these people will come to Coinbase and also use our product directly. Therefore, Coinbase plays a role in all aspects of the value chain.”
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