Cryptocurrency

Coinbase CEO Brian Armstrong Says Bitcoin Could Become The Global Reserve Currency

While sharing what he says is an “uncomfortable truth” for many.

Cryptocurrency

Coinbase CEO Brian Armstrong Says Bitcoin Could Become The Global Reserve Currency

While sharing what he says is an “uncomfortable truth” for many.

On Coinbase’s June 8 Podcast of “Around The Block,” its CEO Brian Armstrong discussed the overall market and how Bitcoin might become the global reserve currency.

“I feel we’re better situated through this cycle than we’ve ever been in the past,” said Armstrong in regard to the overall market downtrend. With Coinbase now being a 10-year-old company, it has seen and survived more than one of these cycles. He accredits his confidence in the statement to the fact that cryptocurrency is no longer just a speculative asset — outlining use cases like DeFi, NFTs, and DAOs.

“He’s basically signaling something very important here. An uncomfortable truth that the US is in decline and maybe it has been since 1970 or so when we came off the gold standard,” drawing on thoughts laid out in Ray Dalio’s works, he also adds “we have a new global gold standard that’s been introduced with Bitcoin.”

Armstrong goes on to share that while he doesn’t wish to see the US decline, he does feel it is happening. He also states that while China is technologically positioned to take its place, which he is comfortable with as a “citizen of the world,” he does think that it might be different this time due to advancements in cryptocurrency and the overall Web3 space — prompting more of a world order than one central leader.

Also in agreement with the CEO’s sentiment is Ethereum co-founder Vitalik Buterin, who tweeted the following.

Coinbase continues to be one of the premier exchanges in the US, with the company recently being listed in the Fortune 500, and new products steadily being released.

In other Crypto news, the New York Department of Financial Services issues new regulatory guidance for stablecoins.

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