Bitcoin And Crypto Were Built For Times Like These, Coinbase CEO Says
We’re in the middle of a global crisis that’s been triggered by the coronavirus pandemic. All the countries all over the world have been hit and the novel coronavirus is shaking healthcare systems and financial industries.
During such terrible times, even fiat money became a threat due to the fact that it can contribute to the spreading of the virus.
More analysts are saying that during such times, crypto and the underlying technology, the blockchain will have the best opportunity to reveal their true potential and advantages over the traditional financial systems and paper money.
Coinbase CEO addresses Bitcoin’s utility in the global crisis
Coinbase just had a virtual staff meeting to update their employees on the strategy that the company implemented during the COVID-19 pandemic.
During this exciting session, Coinbase CEO Brian Armstrong said that Bitcoin is made for the type of crisis that we’re all facing these days.
Satoshi Nakamoto’s primary reason for which he created Bitcoin according to some speculations is exactly this: to establish a brand new financial system that can show boosted resilience.
“The good news is that Bitcoin was built for this… Bitcoin is amazing – it’s global, it’s inflation proof, it is digital. It’s the money that people need right now in this moment.”
Fighting a future economic fallout
Armstrong also said that the US government and all the governments from all over the world are promoting huge expansions of their countries’ money supplies with various stimulus packages.
There are also bailouts involved in order to fight the economic fallout that lurks just around the corner due to the coronavirus pandemic.
“Just about every sector of the economy is really struggling. Manufacturing people don’t want to go into factories if they can’t social distance, and retail has been decimated. Travel is really struggling,” Armstrong said, as cited by the online publication the Daily Hodl.
H continued and said: “We might even see some of these investment banks needing to be bailed out.”
Head over to the original article in order to learn more about what he had to say.
Also, make sure to check out the video above.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.