Brian Armstrong: prediction

Transcript context

…Here’s a question from a reader, and I quote, “Cryptocurrency fluctuates too much and too often to ever be a common medium of exchange. Why do you disagree?” That’s for you. Well, you have to realize that there’re lots of different types of cryptocurrencies. Let’s take bitcoin for instance. Some people use it as a medium of exchange, but as you pointed out, it’s volatile. It’s more often used as a store of value or an investment, and in an investment, volatility can be a feature, not a bug. Actually, when you buy it, you want the value of it to change. If it just stayed exactly the same forever, that would be a bad investment. Now, there are other cryptocurrencies that people are starting to use more as mediums of exchange. You could look at stablecoins, you could look at Ethereum, you could look at layer 2 solutions on top of bitcoin — all these things. I think there are many different types of cryptocurrency that’ll fill different roles in the crypto economy. That’s why, by the way, I like using that word, the crypto economy, because it really is almost like a new alternative economy that’s being built, where people are not just trading bitcoin. They’re earning a living. They’re launching new start-ups — crypto start-ups. They’re borrowing and lending. They’re doing all different types of economic activity, buying products and goods and services. That part is still newer. Most people come into crypto, and they just trade a little bit as their first experience, but that part — it’s there, and it’s working, and it’s growing with things like DeFi and all the things we’ve seen in the last few years. When they stop making more bitcoin, what will happen to the net fees for mining? What does that equilibrium look like? Or do you think it will fork, and one branch of the fork — they just keep on making more bitcoin new or whatever they call it?…

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