Coinbase CEO Brian Armstrong’s View on Bitcoin’s Role in Western Civilization

In a recent statement, Coinbase CEO Brian Armstrong delves into the notion that Bitcoin could be a crucial factor in preserving the prosperity of western civilization.

Armstrong points out that throughout history, nations holding reserve currencies have often resorted to inflating their currency supply and engaging in deficit spending until they lose their dominant position.

Armstrong maintains his belief that traditional fiat currencies will remain in use. He argues that both the Yuan and Euro face their own challenges and are not viable alternatives. The prevailing assumption is that the U.S. can continue with its inflationary practices. However, Armstrong highlights the overlooked impact of the growing cryptocurrency sector.

He notes, “The usual trend for the country with the reserve currency is to increase the money supply and ramp up deficit spending until it forfeits that privilege.” Armstrong reiterates that this offers individuals an option to safeguard against inflation by transitioning from fiat currencies to cryptocurrencies.

Contrary to concerns, Armstrong asserts that this shift doesn’t pose a threat to the U.S. dollar or the United States itself. Instead, he sees it as a natural mechanism for checks and balances. Cryptocurrency can complement the dollar and serve as a guardian of long-term American interests and western civilization. Opting for cryptocurrency over another nation’s fiat currency emerges as a prudent choice.

Armstrong emphasizes that this transition doesn’t signify the demise of fiat currencies. Rather, he anticipates that fiat and cryptocurrencies will coexist for an extended period, working together as complementary components rather than substitutes.

Furthermore, he suggests that stablecoins backed by the U.S. dollar, such as USDC, will play a pivotal role in bridging the two financial realms.

Armstrong reflects on these ideas, highlighting the potential for Bitcoin to influence the economic landscape as a defender of economic stability and the values of western civilization.

source