Coinbase CEO: The crypto industry has created multiple mainstream use cases such as NFTs and DeSo over the years

ChainCatcher news, Coinbase CEO Brian Armstrong stated that authorities claim cryptocurrencies have no real use other than speculation and illegal activities. However, globally, 400 million people (including over 50 million Americans) have purchased cryptocurrencies, and third-party data shows that illegal activities account for less than 0.5% of transaction volume.

For more than the past five years, the crypto industry has been working to build infrastructure to update the financial system and expand the utility of cryptocurrencies, including the following mainstream use cases:

• Digital dollars: Dollar-backed stablecoins currently have a market cap of over $100 billion;

• Fast, cheap global payments: Dollar stablecoin transaction volume approaches $9 trillion annually, surpassing the combined total of Mastercard, American Express, and Discover;

• Creative business models, such as NFTs, which have total sales exceeding $62 billion;

• Decentralized social media (DeSo): Although still in its early stages, decentralized social ensures users own their data rather than being controlled by large tech companies and avoids censorship.

Armstrong stated that cryptocurrencies are not just a new asset class but the future of money. This future will be more open, free, efficient, and driven by cryptocurrencies. Cryptocurrencies are the most important technology for updating the global financial system. Additionally, Armstrong urged community users to support candidates who back cryptocurrencies in the 2024 U.S. elections through StandWithCrypto.org.