Brian Armstrong, CEO of Coinbase
$1.21B
, stated that Bitcoin
provides a way to keep the US dollar strong by acting as a possible choice for people when inflation or spending gets high.
On December 28, he explained that if the United States faces too much inflation or debt, Bitcoin could become an attractive option, which could push leaders to maintain confidence in the dollar.
Armstrong remarked that Bitcoin acts as a practical check on financial leaders and encourages smart actions to protect the US economy’s reputation. He said that Bitcoin can help encourage careful decisions by the Federal Reserve and government authorities.
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He explained that as long as inflation is not above economic growth, staying near 2% to 3%, the dollar can keep its global role. However, if inflation rises above the rate of economic growth, there could be a risk of losing the reserve currency role.
Armstrong noted that this process is unusual because it helps sustain the American economic framework by providing people with alternatives, such as Bitcoin. He said:
I actually think in a strange way, Bitcoin is helping extend the American experiment.
The national debt in the United States has reached almost $37.65 trillion, according to the US Congress Joint Economic Committee.
Arthur Hayes, former BitMEX
$23.19K
CEO, recently shared his thoughts on Bitcoin’s recent price decline. What did he say? Read the full story.
