Coinbase was recently in the spotlight when it’s been revealed that, together with Ripple, the two entities became the leaders of a new push for smart regulations that are fostering transparency and fairness in the crypto world, triggering mass adoption.
The company based in San Francisco and the crypto exchange are making increased efforts to help regulators understand their role in boosting the blockchain and crypto industry.
Fiat will be someday seen as “funny money”
Coinbase CEO Brian Armstrong said that the government currency is on track to be one day seen as funny money.
The US national debt is racing towards $31.4 trillion over the next ten years.
Armstrong cited a new study that’s published this week by the Congressional Budget Office (CBO), and he tweeted “consider crypto” to his 318,000 followers, as reported by the online publication the Daily Hodl.
The CBO report reveals that the US federal government debt will be boosted within ten years.
Crypto to become safer and sounder than the US dollar
Armstrong believes that this will turn out to be a massive blow to the financial system. The end result will also be the fact that crypto will be seen as more stable and sound compared to the US dollar.
“And crypto is seen as real money that people can’t tamper with (at least control is decentralized, and I can trust people to review the open-source code),” he said.
https://twitter.com/brian_armstrong/status/1222568432870154242
The CBO projection about the debt is mindblowing: $31.4 trillion debt is the highest level since the end of World War II.
“That debt path would dampen economic output over time. Rising interest costs associated with the debt would increase interest payments to foreign debt holders and thus reduce the income of U.S. households by increasing amounts,” the report explains.
The notes continue and highlight the fact that such an increase in federal borrowing will end up elevating the risk of a massive financial crisis.