Blow To Bitcoin As Coinbase CEO Makes Serious Warning

Bitcoin, the oldest and the most valuable cryptocurrency by some margin, is fighting for supremacy against a raft of plucky rivals.

The bitcoin price, up some 25% since the beginning of the year, has been outpaced by many smaller so-called altcoinsand some think bitcoin could still lose its pole position.

Now, Brian Armstrong, the chief executive of the largest U.S. bitcoin and cryptocurrency exchange Coinbase and long time altcoin proponent, has warned it might not be bitcoin that pushes the cryptocurrency ecosystem “from [around] 50 million users to 5 billion.”

“I think it’s still very much up in the air which blockchain will help get crypto from [around] 50 million users to 5 billion,” Armstrong said this week via Twitter.

“The chain that manages to ship some of these scalability, privacy, decentralized identity, and developer tool solutions will have a big leg up.”

Armstrong didn’t name any cryptocurrencies and didn’t rule out that it could be bitcoin that gains mainstream adoptionthough Tesla’s chief executive Elon Musk has his eye on one surprising coin.

“The good news is that there are a number of teams now racing toward this prize,” Armstrong said, adding that as a “builder,” he’s “rooting for them all.”

Commenting on Armstrong’s Twitter thead, Bloomberg editor and analyst Joe Weisenthal, said: “I’m sure he would deny it, but it’s interesting to me that the CEO of the world’s most prominent bitcoin-related company seems so skeptical of bitcoin.”

Alongside some significant advances for the likes of litecoin, Ripple’s XRP, and ethereum, bitcoin is expected to be upgraded in a so-called soft fork later this year, a development that’s been called “one of the most…

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