Crypto usage currently in kind of phase comparable to early days of cell phones – Coinbase

The cryptocurrency industry has done a great deal in terms of adoption, products, and services since bitcoin’s launch more than a decade ago. Still, crypto usage needs to be easier and more accessible.

That’s according to Emilie Choi, Coinbase’s president and chief operating officer. She said, when asked by Bloomberg Technology about any notable uncertainties regarding cryptocurrencies’ future: “It’s about, you know, how do we create the most user-friendly experiences for folks.”

Choi explained: “In many ways, I always kind of take the analogy of like the old mobile phones, right, that had these clunky-clunky interfaces. We’re in kind of that phase of crypto, so we have to make it more usable. We have to make it more accessible. We have to have more regulatory certainty for certain folks to get off the sidelines and participate.”

Coinbase’s president also said about cryptocurrencies: “We are seeing so much participation now, we feel like there’s just a great opportunity ahead of us.”

The value of the cryptocurrency market suffered a loss of hundreds of billions of dollars this week, dropping to around $2 trillion after Tesla CEO Elon Musk tweeted on Wednesday that the electric vehicle maker would suspend car purchases using bitcoin. He also said that Tesla intends to use the digital asset for transactions “as soon as mining transitions to more sustainable energy.”

Musk’s statement sent bitcoin’s price to its lowest since March, or $45,700 per token, though it pared some losses later that day. The world’s largest crypto was trading at $48,645 as of Saturday.

For more stories on economy & finance visit RT's business section