Coinbase CEO Brian Armstron: Bitcoin Can Last Western Civilization

Coinbase CEO Brian Armstrong. (Photo; Doc. Blockdit)

JAKARTA - Brian Armstrong, Chief Executive Officer (CEO) Coinbase, one of the world's largest crypto trading platforms, believes that Bitcoin (BTC) has an important role for the sustainability of Western civilization.

This statement was made by Armstrong through the social media platform Twitter, where he expressed his views on the natural trends of global currency-emitting countries. According to him, the value of the money is decreasing due to inflation and increased deficit spending until they lose the advantage of their currency.

Armstrong said the United States was going through this process. He assessed that the US dollar will continue to experience inflation. While crypto assets deserve to be considered as an alternative.

"Yuan and euro have their own problems and are not viable alternatives at this time, so the assumption is that the US can continue to make [dolar] inflation. However, what many may not have considered is that now people have alternatives to crypto. They may start switching from fiat currency to crypto, as an antidot against inflation," added Armstrong.

Unlike some may think, Armstrong does not see this as a threat to the US dollar. Instead, he sees it as a natural form of check and balance. In fact, cryptocurrencies are claimed to complement the dollar and become the best defender for America's long-term interests (and Western civilization more widely). For him, it is better to switch from dollar to crypto than to fiat currency of the country or other regions.

Armstrong predicted that crypto and fiat would coexist for a long time, especially with technologies like stablecoins that unite the two worlds. He also sees Bitcoin as an extension of the long history of Western civilization.

"Bitcoin will extend the core aspect of economic freedom (principles, good money, etc.) in Western civilization for a long time, which we risk periodic loss. This is part of what makes Western civilization a success."

With his optimistic view of Bitcoin's role, Armstrong offers an interesting perspective on the evolution of this digital currency as an important complement to the economic foundations and Western freedom.

Alternative Money

Bitcoin is the first and largest cryptocurrency in the world, created in 2009 by a person or group using the pseudonym Satoshi Nakamoto. Bitcoin operates without centralized authority or banks, and transactions are verified by a peer-to-peer network called miners. Bitcoin has a limited supply of 21 million coins, which is expected to be mined out by 2140.

Bitcoin has highly volatile exchange rates, and is often affected by various factors, such as demand and supply, regulation, news, market sentiment, and others. At the time of writing this article, the price of Bitcoin was around $41,894 (Rp 648,337,776) per coin, according to data from CoinMarketCap. Bitcoin hit a record high (ATH) at $69,000 in November 2021, before undergoing corrections.

Bitcoin also has various advantages, such as security, transparency, speed, and inclusivity. Bitcoin can be shipped and received worldwide without requiring an intermediary, and its transaction fees are relatively low. Bitcoin also has deflation properties, meaning its value tends to increase as supply decreases. Bitcoin is also considered a safe haven asset, meaning people switch to Bitcoin when there is economic or geopolitical uncertainty.