“The natural trend of whichever country has the reserve currency is to inflate the money supply and increase deficit spending until it loses that advantage,” Armstrong posted, pointing out that “the U.S. is somewhere on this journey.”
With other currencies such as the Yuan and Euro having their own “issues,” Armstrong argued that “the assumption is the U.S. can continue to inflate, but what I think many haven’t considered is that people have an alternative now with crypto.”
Armstrong continued that people “may start moving fiat into crypto” to serve “as an antidote to inflation.”
“Contrary to what some may assume, I don’t think this be a threat to the dollar and the U.S., I think it will be a natural check and balance that will complement the dollar, and be the best defender of long term American interests (and western civilization more broadly),” Armstrong wrote.
The Coinbase CEO went on to claim that moving from dollars to crypto is better than moving to another international currency before adding that “fiat and crypto may coexist for a long time.”
“They are more compliments than substitutes,” wrote Armstrong.
Replying to commenters on his post, Armstrong elaborated his belief that “Bitcoin would extend the core tenets of economic freedom (property rights, sound money, etc) in western civilization for a long time, which we’re at risk of losing periodically.”
“These are part of what made western civilization a success,” Armstrong concluded.
The Coinbase CEO’s pro-Bitcoin comments come as stocks for the first decentralized cryptocurrency surged to over $42,000, marking a year-long high.
Prior to the market’s opening on Monday, Coinbase stocks increased by over 7%.
With bullish expectations of the crypto market on the rise,Read more on cryptonews.com