USA's monetary policy is boosting the case for Bitcoin – Coinbase CEO
- Coinbase CEO Brian Armstrong believes cryptocurrencies are the next phase in the evolution of the global monetary system.
- He said that the US government’s policies in fighting the current crisis would boost Bitcoin's case.
Brian Armstrong, the CEO of Coinbase, said that cryptocurrencies are the next phase in the evolution of the global monetary system. However, he warned new traders that it’s not a way to get rich quickly. Armstrong took to Twitter to say that many people are uncomfortable with the US government’s policies in fighting the economic fallout caused by the Covid-19 pandemic. According to him, this scenario will boost the case for Bitcoin.
The Coinbase head said people don’t believe printing money is a viable solution to an economic crisis. They intuitively understand that if a nation wants growth and wealth creation, then something of value needs to be produced. Despite Armstrong’s belief that everyone should buy Bitcoin, he said that cryptocurrency investments involve risks and warned traders to proceed with caution.
The cryptoeconomy is just getting started. Freedom and opportunity can be found on its frontier.
— Brian Armstrong (@brian_armstrong) July 16, 2020
Pointing to Bitcoin’s hard-capped supply of 21 million coins, Armstrong said people would seek an alternative monetary system that they can trust. He added that the best way to start taking part in the “cryptoeconomy” is to earn or buy some BTC.
Start there - don't be rash, or try to get rich quick, there is still volatility. From there you can start a crypto startup, earn a living in crypto, begin to pay for food/rent in crypto, do remittance in crypto, etc to begin to fully participate.
— Brian Armstrong (@brian_armstrong) July 16, 2020
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
