The CEO of the Coinbase exchange, Brian Armstrong, recently expressed the importance of the largest cryptocurrency on the market, Bitcoin (BTC), as well as other cryptoactives on the market in ensuring the expansion and success of Western civilization. For Armstrong, BTC could be the “key to the expansion of Western civilization”.
“One idea I have been thinking about is that Bitcoin could be the key to the expansion of Western civilization. The natural tendency of any country that has a reserve currency is to inflate the money supply and increase deficit spending until it loses this advantage. The US is somewhere on this journey, which many have discussed, including Dalio in The Changing World Order,” he wrote.
Armstrong highlighted that the Yuan and Euro have their own problems and are “not currently viable alternatives.” “So the assumption is that the US can continue to inflate, but what I think many haven’t considered is that people now have an alternative with crypto.”
“They can start turning fiat currency into crypto, as an antidote to inflation. Contrary to what some may assume, I do not believe this is a threat to the dollar and the US, I think it will be a system of natural checks and balances that will complement the dollar and be the best defender of long-term American interests (and civilization in a broader sense)”, he added.
In his vision, the CEO of the Coinbase exchange highlighted his beliefs that fiat currencies and cryptocurrencies will coexist for a long time. “It is better to move from the dollar to crypto than to the decree of another country or region. I also think that both fiat and crypto will coexist for a long time. They are more complements than substitutes. And dollar-backed stablecoins like USDC, or flat coins, will play an important role in unifying these worlds. Still thinking about it. What other good approaches are there on this?” he concluded.
One idea I’ve been contemplating is that Bitcoin may be the key to extending western civilization.
The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage. The U.S. is somewhere on…
— Brian Armstrong 🛡️ (@brian_armstrong) December 3, 2023
At the time of publication, the price of Bitcoin was quoted at US$41,594.54, up 5.1% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$35,259,170,621. Bitcoin has shown growth of 12.8% in the last seven days.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.