Coinbase chief executive Brian Armstrong thinks Bitcoin () could extend the existence of Western civilization.
Armstrong on the social media platform X that it’s the “natural trend” of countries that mint the reserve currency of the world to inflate the money supply and increase deficit spending until they lose their currency advantage.
The CEO believes the US is in the midst of this process, but he argues that other fiat currencies aren’t ready to take the reserve mantle yet either.
“The yuan and euro have their own issues and aren’t viable alternatives currently, so the assumption is the US can continue to inflate, but what I think many haven’t considered is that people have an alternative now with crypto. They may start moving fiat into crypto, as an antidote to inflation.
Contrary to what some may assume, I don’t think this be a threat to the dollar and the US, 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). It’s better to move from dollars to crypto than to another country or region’s fiat.”
Armstrong predicts that crypto and fiat will coexist together for a long time, particularly with technology like stablecoins fusing the two worlds.
He also Bitcoin as an extension of the long-standing philosophy of Western civilization.
“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.”