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Coinbase CEO Brian Armstrong responds to a storm of viral tweets from Dogecoin co-creator Jackson Palmer, who recently offered a grim outlook on Bitcoin and the entire crypto space.
Palmer, who created Dogecoin (DOGE) as a cryptocurrency joke with Billy Markus in 2013, claimed that crypto assets are primarily designed to “amplify the wealth of its supporters.”
“Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, over time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system as they did. are supposed to replace. “
In response, Armstrong said that the technology behind cryptocurrency expands access to opportunities and facilitates the mobility of wealth.
“Crypto will not solve wealth inequalities. It’s not about creating the same result for everyone. But this creates mobility of wealth and more equal opportunities for all. It level the playing field, at least to some extent.
The CEO of Coinbase also says crypto is suitable for libertarian-minded people who prefer a free market economic system.
“If you think government solutions are often ineffective, promising / under-delivered, and have unintended consequences, and that the personal accountability associated with free markets will create better results for everyone, then crypto is a whiff of the game. much needed fresh air. “
Armstrong adds that Bitcoin has generated wealth for many people because it is not under the control of any government or regulatory authority. Government solutions, such as investor laws, are counterproductive and make it difficult to obtain wealth through investments, according to Armstrong.
“The accredited investor laws are a good example. They were created with the best of intentions, to protect ordinary people from scams – a noble idea. But what was the real result? They have often made it illegal to get rich by investing, unless you are already rich.
This is partly why Bitcoin has made so many people rich. It was not a security, so ordinary people could invest from the start.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / camilkuo
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