Bitcoin Could Extend Western Civilization, Says Coinbase CEO
In a series of tweets, Coinbase CEO Brian Armstrong argued that Bitcoin could be the key to extending western civilization by providing an alternative to the reserve currency. He expressed concerns about the US inflating the money supply and increasing deficit spending, suggesting that it would eventually lose its advantage. Armstrong pointed out that both the Chinese Yuan and the Euro have their own issues, and crypto presents an “antidote to inflation” that observers may have underestimated.
Contrary to the Bitcoin maximalist view, Armstrong believes that fiat currency and crypto can coexist. He stated that dollar-backed stablecoins will play a major role in unifying these worlds. Armstrong further elaborated on his thesis, emphasizing that Bitcoin would extend economic freedom’s core tenets in western civilization.
The Coexistence of Fiat Currency and Crypto
Armstrong reiterated his belief in the coexistence of fiat currency and crypto for a long time. He highlighted the potential of decentralized social media, payments technologies, stablecoins, DeFi, and NFTs to drive crypto adoption in the near future. Additionally, he expressed optimism about the approval of a spot Bitcoin ETF by the SEC, which could pave the way for institutional adoption of the cryptocurrency.
Hot Take: Crypto’s Impact on Western Civilization
Brian Armstrong’s perspective on Bitcoin’s potential impact on western civilization is thought-provoking. By offering an alternative to traditional fiat currency, crypto has the potential to counter inflationary practices and promote economic freedom. While there are concerns about deflationary currencies hindering lending, Armstrong argues that it simply sets a higher bar for lending based on expected returns. As we look ahead, decentralized technologies like crypto, stablecoins, and NFTs are poised to shape the future of finance and push adoption to new heights.
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