Coinbase CEO Brian Armstrong advocates for Bitcoin as ‘check and balance’ to the US financial system Coinbase CEO Brian Armstrong advocates for Bitcoin as ‘check and balance’ to the US financial system
Coinbase's recent "Break The Cycle" ad showed why crypto is a viable alternative to failing financial systems.
2 min read
Updated: Dec. 4, 2023 at 11:57 am UTC
TechCrunch / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
Coinbase CEO Brian Armstrong recently discussed Bitcoin’s (BTC) potential role in advancing Western civilization through currency innovation in a Nov. 4 post on social media platform X (formerly Twitter).
Armstrong highlighted Bitcoin’s capacity to combat inflation, a prevalent issue linked to traditional fiat currencies. He emphasized that the prevailing trend allows countries with reserve currency status, such as the U.S. Dollar, to inflate their money supply and escalate deficit spending while exerting significant global influence.
The Coinbase CEO argued that BTC now presents a viable alternative that addresses this inflation dilemma associated with fiat currencies like the Dollars, Yuan, and Euros.
“What I think many haven’t considered is that people have an alternative now with crypto. They may start moving fiat into crypto, as an antidote to inflation,” Armstrong said.
Meanwhile, Armstrong dismissed notions that the shift to crypto directly threatens the U.S. Dollar. Instead, he envisioned it as a natural mechanism to balance and support the dollar, potentially safeguarding long-term American interests.
He articulated that migrating assets from dollars to cryptocurrencies is preferable to relocating them to another country’s fiat currency.
“I don’t think this be a threat to the dollar and the U.S., I think it will be a natural check and balance that will complement the dollar, and be the best defender of long term American interests (and western civilization more broadly). It’s better to move from dollars to crypto than to another country or region’s fiat.”
Armstrong further advocated for the coexistence of fiat and crypto, asserting that they complement rather than substitute each other. He also highlighted the role of dollar-backed stablecoins like USDC in facilitating this transition.
Additionally, Armstrong underscored Bitcoin’s advantage over fiat currencies, emphasizing its ability to uphold the fundamental principles of economic freedom, which he believes the West is currently at risk of losing.
Coinbase ‘Break The Cycle’ BTC ad melts heart.
Over the weekend, Coinbase’s ‘Break The Cycle‘ ad wowed the crypto community by explaining how the current traditional financial system prevented people from achieving their lifelong dreams.
As of press time, the advert had generated more than 4 million views on social media platform X and drew praises from major stakeholders who hailed its approach of explaining why people must break out of the current system.
For context, Dogecoin co-founder Billy Markus explained that the ad showed why people were increasingly choosing crypto.
“[The ad] shows why a lot of people got into crypto, especially relatively recently – the system is failing for them and they look for alternatives framing it this way, Elizabeth Warren and her ilk are the enemies of the people,” Markus said.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Dogecoin
$0.39423
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.
Billy Markus is an American software engineer who co-created Dogecoin in 2013 with his friend Jackson Palmer.