Brian Armstrong, Coinbase CEO, used Twitter to share his thoughts on the statements made by Jackson Palmer, co-founder of Dogecoin, last week. While Palmer now has a negative vision of the cryptocurrency industry, Armstrong is in the opposite realm. For Armstrong, the cryptocurrency industry has its problems, but it still offers an alternative for people who want more economic freedom.
Coinbase CEO faces Dogecoin founders for his views on cryptocurrencies
Capitalist, right-wing, centralized … these were some of the traits Dogecoin co-founder Jackson Palmer attributed to the entire cryptocurrency market earlier this week. Palmer’s thoughts on the current state of the cryptocurrency industry sparked violent social media reactions. But one of the few who formulated a structured response to Palmer’s tweetstorm was none other than Brian Armstrong, CEO of Coinbase.
Armstrong stated that while the cryptocurrency system as it is designed now has its problems, it offers a far better deal than what the traditional system offers. Armstrong specified:
If you believe that government solutions are often inefficient, over-promising / under-delivering, and having unintended consequences, and that personal responsibility mixed with free markets creates better results for everyone, then crypto is a much needed breath of fresh air.
For Armstrong, Palmer is wrong on one fundamental issue: crypto is not designed to solve income inequality. It’s more about personal choices and options. In that regard, Armstrong explained:
Crypto isn’t going to solve wealth inequality – it doesn’t try to get the same result for everyone. But it creates affluent mobility and more equal opportunities for everyone. It levels the playing field, at least to some extent.
In conclusion, Coinbase CEO stated that cryptocurrency is just another choice in the financial world, but one that offers freedom to its users. Armstrong stressed:
Crypto simply offers an alternative for people who want more freedom. Everyone can make their own choice, and that’s probably a good thing.
Brian Armstrong has always sought to promote economic freedom
Armstrong’s views on the cryptocurrency market are not new or surprising. He was one of the first people to see a future in the now booming cryptocurrency market in 2012 when he founded Coinbase. Armstrong has since advocated economic freedom and has (not surprisingly) touted Coinbase as a trustworthy company to help achieve this.
In a public letter filed with Coinbase’s IPO last April, Armstrong stated that the current system is “full of high fees, delays, unequal access and barriers to innovation” and that “everyone deserves access to financial services that can help them create a better life for yourself. “
What do you think of Brian Armstrong’s views on Jackson Palmer’s tweetstorm? Let us know in the comments section below.
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