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Coinbase Exchange CEO: Bitcoin ‘May Be Key To Extending Western Civilization’, Fighting Inflation
Brian Armstrong, CEO of the popular and regulated cryptocurrency exchange Coinbase, sees Bitcoin as a potent tool against inflation and a key to sustaining Western civilization.
In a Twitter thread, he highlighted Bitcoin’s potential as an alternative to traditional reserve currencies like the US dollar.
Armstrong notes the US’s trajectory of increasing money supply and deficit spending, warning of the risks this poses.
Armstrong suggests Bitcoin could counteract these risks, acting as an “antidote to inflation.”
He diverges from Bitcoin maximalists, proposing that cryptocurrencies can coexist with the dollar, offering a balance and defense for long-term American and Western interests.
Armstrong envisions a prolonged coexistence of fiat currency and crypto, with dollar-backed stablecoins playing a pivotal role in bridging these two worlds.
Expanding on his views, Armstrong emphasizes Bitcoin’s role in upholding economic freedom principles like property rights and sound money.
He addresses concerns about Bitcoin’s deflationary nature hindering lending, arguing that it would raise the bar for lending, ensuring it only happens for projects with expected returns surpassing the benefits of holding the currency.
Armstrong’s vision extends beyond current applications.
In an interview, he predicts that future autonomous AI agents will transact using cryptocurrencies, necessary for operations like accessing information and API calls.
He also foresees the growth of decentralized social media, advanced payment technologies, and the critical role of stablecoins, DeFi, and NFTs in driving crypto adoption.
Armstrong is optimistic about the potential approval of a spot Bitcoin ETF, a key indicator of institutional cryptocurrency adoption, which recently drove Bitcoin’s value to a notable 18-month high. Read more here.
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How Does Zucoin Compare To Bitcoin As A Potential Hedge Against Inflation?
Coinbase CEO, Brian Armstrong, views Bitcoin as a possible solution to our inflation problems.
Armstrong highlights the unsustainable inflation path of the U.S., fueled by uncontrolled money supply growth and escalating deficit spending.
Like Bitcoin’s capped supply of 21 million coin tokens, Zucoin offers a stable and systematically regulated token policy with a limited supply of 100 million Zucoin tokens, addressing Armstrong’s worry about unchecked token supply growth and deficit spending.
Similar to Bitcoin, Zucoin, as a digital asset, can serve as a safeguard against inflation, functioning as a potential solution as Armstrong suggests.
This digital asset might be the life-saving buoy that keeps our economic vessel steady in the turbulent waters of inflation.
If Armstrong is right, it’s a potential life-saver to preserve and over time improve the way many people live their lives.
But Bitcoin’s blockchain network needs to go beyond its current abilities.
With the long-proposed Bitcoin Lightning Network suffering from deeply-rooted issues, a complete rethink is needed.
Splitchain supports different data and transaction types natively in its layer-1 base network, in addition to the default Zucoin token.
As the network moves toward more decentralization, it should encourage the basic economic freedoms that Armstrong thinks Bitcoin can support.
It’ll also allow the Splitchain network to be applied to many other kinds of use cases as we regularly cover here, as the system is designed to be very adaptable.
Users have the power to control and manage their own assets—something Zucoin has been a big believer in too.
One of the original goals of crypto was to make self-managed economic freedom possible.
Many traditional blockchains have only partially gotten to this goal, getting tied up in system direction conflicts and increasing complexity.
Zucoin has been focused on furthering this goal, making a ground-up system that is safe, flexible, compliant and easy to use.
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All the best,
—Rob
MyZucoins
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.