At the State of Crypto Summit 2024, Coinbase Founder and CEO Brian Armstrong discussed significant advancements in cryptocurrency, emphasizing the potential of their layer-2 solution, Base. Armstrong compared the transition from layer-1 to layer-2 networks to the evolution from dial-up to broadband, highlighting faster transactions and lower costs which he believes will revolutionize global payments and remittances.

Armstrong further underscored crypto’s evolution from just an asset class to a real-world utility tool. With a market cap already exceeding a trillion dollars and over 400 million users, he foresees crypto enhancing activities like voting and social networking. The goal is global adoption, potentially reaching over a billion users, transforming economic interactions through reduced friction and intermediary needs.

Projecting a bold future, Armstrong anticipates crypto facilitating up to 25% of global GDP within ten years. He cited the efficiency of real-time, peer-to-peer transactions that eliminate intermediaries as pivotal. This, he argues, will significantly reduce economic friction and streamline financial interactions on a global scale.

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