In a series of tweets, Coinbase CEO Brian Armstrong argued that bitcoin “could be the key to extending Western civilization” by offering an alternative to reserve currency.
According to Armstrong, because the country controls the reserve currency, the US is on track to increase the money supply and increase the deficit “until it loses that advantage”.
Since the Chinese yuan and the euro have “their own issues”, Armstrong said “the assumption is that the United States can continue to rise”, but observers are considered without the “alternative” offered by crypto, which offers “inflation protection”. .”
However, Armstrong diverged from the Bitcoin maximalist thesis, arguing that crypto and the dollar can co-exist, and that crypto serves as “a natural check and balance that complements the dollar, and will be the best defender of long-term American interests (and Western civilization in general).
Similarly, fiat currency and crypto will “coexist for a long time,” Armstrong said, adding that dollar-backed stablecoins “will play a big role in integrating these worlds.”
Armstrong expanded on the dissertation in several subsequent comments and responses, arguing that bitcoin “extends the core principles of economic freedom” in Western civilization, such as property rights and sound money.
In response to a post that highlighted the argument that it could stifle economic growth, Armstrong responded that it simply means “a high bar for the lender” because people only lend when they feel they can expect a return. A project is better than simply having money.
Future view
Armstrong has been engaging in a number of forward-looking predictions lately. In a recent interview with Decrypt, he suggested that autonomous AI “agents” could conduct crypto transactions in the future, and that crypto could play a role in establishing data integrity.
In the short term, he touted decentralized social media, payment technologies and stablecoins alongside DeFi and NFTs as “technologies that will help propel cryptocurrency into the next wave of adoption.”
Armstrong also expressed his hope on the potential approval of the Bitcoin ETF, a place that is seen as a bellwether for the institutional adoption of the cryptocurrency. Enthusiasm over the SEC's approval of a Bitcoin ETF has pushed the cryptocurrency to an 18-month high above $42,000 in recent days.
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