Last updated on August 24, 2021
Cryptocurrencies like Bitcoin have the potential to change the way of making payments. It has proved its potential in all these years since 2009, but not all people are impressed with bitcoin. In fact, other cryptocurrencies like Dogecoin and Ethereum are also at their peak, and it is expected that they will grow more. Recently, Brian Armstrong, CEO of crypto exchange Coinbase, responded to the co-creator of Dogecoin named Jackson Palmer. On 15th July, Armstrong took it on Twitter, stating some amazing benefits that Bitcoin and other cryptocurrencies are offering. Cryptocurrencies are simply the best alternatives to government-issued currencies and provide users more freedom.
The CEO of Coinbase emphasized that one’s attitude about cryptocurrencies or the crypto world completely depends on their perspective. They elaborated that not everyone wants to control their funds, and some want financial regulators to control their money, and those people love the traditional fiat system. But for those who seek freedom, cryptocurrencies are best as they provide you with much-needed fresh air. People who believe that government currencies or solutions are underdelivered, incompetent, and overpromise are those who love cryptocurrencies because of what they offer.
He even said that the traditional investment style doesn’t provide opportunities to small investors that are seeking to earn profits, and in fact, there are many restrictions associated with them. Armstrong said that the accredited investor laws were developed to protect people from frauds and scams, and instead, they are making it illegal for people to get rich. On the other hand, cryptocurrencies like Bitcoin and Ethereum don’t require their investors to be ascribed by financial authorities and provide them some ultimate and attractive opportunities. This is why Bitcoin is known to make people rich.
Armstrong concluded the topic by saying that cryptocurrencies offer more equal opportunities and wealth mobility for everyone. It is a global currency that is open for everyone, and no one can be partial about big people as there is no politics involved in the crypto world.
Jackson Palmer is the co-creator of Dogecoin, who created this digital currency as a joke in 2013. In July, he tweeted about the crypto industry that it is “hyper-capitalistic and right-wing technology” that is designed for amalgamation of “reduced regulatory misunderstanding, tax avoidance and falsely enforced scarcity.” Even in one of Palmer’s tweets in 2018, he predicted that the crypto industry would reach a point where the utility and value of these currencies will reach zero.