Bitcoin Is More Trustworthy Than The US Dollar, Coinbase CEO Says
Bitcoin has been growing in popularity in 2020 amidst the global crisis triggered by the pandemic.
It’s definitely consolidating its status as digital gold, and more investors are turning to BTC these days.
The optimistic predictions about the price continue to pour into the crypto space.
Bitcoin vs the US dollar
Coinbase CEO Brian Armstrong said that he believes Bitcoin is now more trustworthy than the US dollar.
During a new interview on the Invest Like the Best podcast, Armstrong said that the concerns about the future of the world’s reserve currency are during these days and the reasons include the increasing economic stimulus and quantitative easing amidst the financial crisis.
“The short-term effect of that has been deflationary… But if they keep stimulating and printing that much money, the long-term effect could be that there is actually more and more inflation…” he said.
He continued and explained that “There’s a lot of people out there who are starting to get this uneasy feeling: ‘What is going on with the Treasury and the Federal Reserve and does this really make sense?’. It seems too good to be true. You just have to print all this money, and then somehow all is going to be okay. I think they are looking for an alternative system that they can trust and in cryptocurrency, there’s nobody who has their fingers on the dial…”
Bitcoin stood the test of time
He also highlighted that “There’s only ever going to be 21 million Bitcoin. Nobody can really go and change that, and that so far stood the test of time. The US dollar, they have a feeling that they do not have the same level of trust.”
We recommend that you check out the complete interview in order to see what more Armstrong had to say.
At the moment of writing this article, BTC is trading in the green and the coin is priced at $11,909.39.
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.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
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.