In a Twitter thread on Thursday, Coinbase CEO Brian Armstrong pointed out some of the biggest benefits of cryptocurrencies like Bitcoin, stressing that crypto is “simply providing an alternative for people who want more freedom.” Armstrong emphasized that one’s stance on the crypto industry depends on a perspective, elaborating that people who want more control from financial regulators are free to enjoy the traditional fiat system.
1/ All depends on your perspective…if you believe the government should be the solution to people’s problems, then the fiat system with its “controls” has a lot to offer. https://t.co/JCwhQW9nLT
— Brian Armstrong (@brian_armstrong) July 15, 2021
“Crypto is a much-needed fresh breath of air.”
Coinbase CEO went to say that crypto is a much-needed fresh breath of air for those who believe that government solutions are often “inefficient, overpromise or underdeliver.” Armstrong further noted that traditional investment tools are usually associated with a lack of opportunities for smaller investors, referring to restrictions such as accredited investor laws. He said, “Accredited investor laws are a good example. They were created with the best intentions to protect regular people from scams — a noble idea. But what has been the actual result? They’ve often made it illegal to get rich via investment unless you’re already rich,” Coinbase CEO replied to Dogecoin founder’s criticism.
Crypto creates “wealth mobility and more equality of opportunity for everyone.”
Comparing traditional investment instruments with cryptocurrencies, he said cryptocurrencies like Bitcoin did not require investors to be accredited by any financial authority in early inception, thus representing an attractive opportunity for retail investors. Coinbase CEO tweeted, “This is part of why Bitcoin has made so many people wealthy. It was not a security so that regular people could invest early on.” “Crypto is not going to solve wealth inequality — it’s not trying to create the same outcome for everyone,” Armstrong concluded.