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

BlockBeats news, on March 19, Coinbase CEO Brian Armstrong issued an article stating that authorities stated that cryptocurrencies have no practical use other than speculation and illegal activities. However, 400 million people around the world, including more than 50 million Americans, have purchased cryptocurrencies, and third-party data shows that illegal activity accounts for less than 0.5% of transaction volume. Over the past 5+ years, the crypto industry has been working hard to build infrastructure to update the financial system and expand the utility of cryptocurrencies, including the following mainstream use cases: -Digital USD: USD-backed stablecoins currently have a market value of over $100 billion; - Fast, cheap global payments: USD stablecoin transaction volume approaches $9 trillion annually, more than Mastercard, American Express, and Discover combined; -Creative business models such as NFTs, whose total sales have exceeded $62 billion; - Decentralized Social Media (DeSo): Although still in its early stages, Decentralized Social Media ensures that users own their data rather than being controlled by big tech companies and avoid censorship. Armstrong said that cryptocurrency is not just a new asset class, but the future of money. This future will be more open, free, efficient, and powered by cryptocurrencies. Cryptocurrency is the most important technology that is renewing the global financial system. Additionally, Armstrong called on the community to support pro-cryptocurrency candidates in the 2024 U.S. election through StandWithCrypto.org.