By Solomon Odunayo
The CEO of Coinbase, Brian Armstrong has recently pointed out that Bitcoin (BTC) is specifically made for this type of crisis the world is facing at the moment.
Obviously, the countries of the world are collectively struggling to contain the spread and mortality rate of COVID-19. And this struggle has greatly affected every aspect of the economy globally.
The CEO of Coinbase made his stance known regarding the emergence of Bitcoin (BTC) and some other cryptocurrencies during a virtual staff meeting held to update its employees on the company’s strategy in the time of this global pandemic.
In the course of the session, Brian Armstrong said, “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 at this moment.”
“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. We might even see some of these investment banks needing to be bailed out, so in some ways, it’s incredibly lucky that we as a tech company are able to continue to work at all because almost every sector of the economy has been really struggling…
So what does this actually mean in practice? Well, when you put a bunch more money into the ecosystem, and the number of goods is not really going up due to manufacturing slowdowns, that means over time there’s going to be higher prices. There’s basically going to be inflation. And when that happens people try to look for alternative investments that are inflation-proof, which basically have guaranteed scarcity baked into them. So that is a great case for Bitcoin and also other asset classes – real estate and things like that – that are hedges against inflation.”
Brian Armstrong further compared the state of cryptocurrency in the early days of the internet to the current state. He also mentioned the importance of the scalability of cryptocurrency.
Moreover, he stressed on the vision of the company in providing economic freedom for every individual and business in its circle.
“Crypto is going through all these growing pains. It needs to become more scalable. It needs to become more usable for average people, and that’s how we’re going to get it to be 100 million and a billion people, and that’s the infrastructure that Coinbase is really providing.”
“Economic freedom means sound money for everybody. It means property rights. It means free trade. It means you can go work at the company you want to work at, start the company you want to start…
We’re going to use cryptocurrency at this unique moment in history to go build a more open financial system that creates economic freedom for people all over the world.”