While crypto adoption has continued to skyrocket on a global scale, especially with Bitcoin making a comeback, the broader crypto market is still being scrutinized by naysayers.
In a recent blog post shared on the official Coinbase website, the exchange’s CEO, Brian Armstrong, made a strong case for Bitcoin.
Pushing back on the sentiment that crypto has no real utility, Brian Armstrong observed that 87% of Americans feel that the current financial system needs to be updated, with more than half of younger Americans moving away from the system.
On the flip side, over 50 million Americans and 400 million people globally have purchased crypto, with illicit activities only making up less than 0.5% of transaction volume.
He further emphasized Bitcoin’s impact on the country’s finance sector, saying,
“Inflation is a regressive tax in America and abroad, harming the poorest people in society the most. Bitcoin is hard money with a fixed supply and is a solution to this problem. If inventing digitally native sound money were the only utility of crypto, it would still be a world-changing technology, but that is just the start.”
Outlining the many benefits and possibilities that the crypto industry has presented over the past 5 years, Armstrong listed Decentralized social media, Fast, cheap, global payments, the digitalization of the dollar, and crypto’s ability to serve as a business model for creatives through NFTs as some major uses cases for crypto.
The Coinbase CEO maintains that crypto could pioneer the global finance system and aid in the advancement of the U.S. Crypto could also sustain the dollar’s future status as a reserve currency and foster technological adoption in the nation.
“Crypto isn’t just a new asset class – it’s the future of money. Today’s system is clogged with middlemen, high fees, delays, and other inefficiencies that make the system hard to access and unfair.
The future of money is more open, free, efficient, and it’s powered by crypto.” He added.
Armstrong conclusively called for crypto holders in the U.S. to consider joining StandWithCrypto.org and urged them to stand behind pro-crypto candidates getting elected in the upcoming elections. U.S. policymakers were also advised to support bipartisan legislation like the Clarity for Payment Stablecoins Act, the Financial Innovation and Technology for the 21st Century Act, and the Responsible Financial Innovation Act.
Notably, 18 U.S. senators now stand with crypto, with Republican senators Cynthia Lumnis and Ted Burr currently standing as the most pro-crypto politicians in the country. Additionally, Donald Trump, a former U.S. president and a running presidential candidate, recently revealed that he is open to creating a sustainable environment for crypto in the country.
