Coinbase CEO Brian Armstrong says he believes in Bitcoin (BTC). The largest cryptocurrency by market cap, now more trustworthy than the US dollar.
In a new interview on the Invest Like the Best podcast, Armstrong said concerns about the future of the world’s reserve currency are increasing. Especially in relation to increasing economic stimulus and quantitative easing amidst the financial crisis caused by Covid.
“The short term effect is deflation … But if they continue to stimulate and print that much money, the long term effect could be that there is actually more inflation …
There are a lot of people out there who are starting to feel this uncomfortable feeling: ‘What happened to the Treasury and the Federal Reserve and does this really make sense?’. Seems too good to be true. You just have to print all this money, and somehow everything will be fine. I think they are looking for an alternative system they can trust and in cryptocurrency, no one knows about it…
There will only be 21 million Bitcoins. Nobody can really go and change it, and so far it stands the test of time. US Dollars, they feel that they do not have the same level of confidence. “
Armstrong also developed the history of Coinbase and said at first, he thought altcoins might be just a fad.
“A lot of our customers come to us and say ‘Hey, we want to trade another asset.’ I hoped that the assets would be gone for a while… but it became clear at some point that we might fail as a company if we didn’t give our customers what they wanted. They will just go elsewhere. ”
Coinbase currently supports around 30 digital assets for trading. Armstrong said the exchange will continue to grow to keep pace with their customers’ growing interest in other cryptocurrencies. The company is currently considering whether to add support for an additional 19 crypto assets.