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Fiat and Crypto Will Co-exist For ‘A Long Time,’ Says Brian Armstrong

1 min
Updated by Geraint Price
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In Brief

  • Coinbase CEO Brian Armstrong envisions Bitcoin as a key player in securing the long-term success of western civilization.
  • Furthermore, Armstrong emphasizes the rise of cryptocurrency, presenting it as a strategic counter to inflation.
  • Contrary to concerns, Armstrong sees this shift not as a threat but as a natural check and balance, complementing the dollar.
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In a recent statement, Coinbase CEO Brian Armstrong explores the idea that Bitcoin (BTC) might hold the key to prolonging the success of western civilization.

Armstrong explained that throughout history, nations with reserve currencies tend to inflate and engage in deficit spending until losing that edge.

Armstrong Believes Fiat Will Stick Around

Brian Armstrong explains that the yuan and euro face their own challenges and aren’t viable alternatives. He notes the assumption is that the US can persist in inflation. Yet, a significant factor often overlooked is the rise of cryptocurrency.

“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.”

He reiterates this provides people with an option to counter inflation by shifting from fiat to crypto.

However, contrary to concerns, he says this shift isn’t a threat to the dollar or the U.S.

Armstrong Highlights Importance of Stablecoins

Instead, it acts as a natural check and balance. Complementing the dollar and serving as a defender of long-term American interests and western civilization. Opting for crypto over another country’s fiat emerges as a more prudent move.

Armstrong emphasizes that this transition doesn’t signal the end of fiat. Rather, fiat and crypto are likely to coexist for an extended period, operating as complements rather than substitutes.

He further states that dollar-backed stable coins, such as USDC, are expected to play a crucial role in bridging these two financial realms.

Armstrong reflects on these ideas, the potential for Bitcoin to influence the economic landscape, acting as a defender of economic stability and the values of western civilization.

Read more: Coinbase Vs Robinhood: Which Is The Best Crypto Platform?

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.