What Happened: Coinbase Global Inc (NASDAQ:COIN) CEO Brian Armstrong took to Twitter to respond to Dogecoin (CRYPTO: DOGE) Co-founder Jackson Palmer’s attack on the crypto industry.
1/ All depends on your perspective…if you believe the government should be the solution to people’s problems, then the fiat system with its “controls” has a lot to offer. https://t.co/JCwhQW9nLT
— Brian Armstrong (@brian_armstrong) July 15, 2021
According to Armstrong, for those that aren’t satisfied with the “unintended consequences” of government solutions, crypto is a “much needed breath of fresh air.”
The Coinbase CEO argued that cryptocurrency provides more economic freedom to the average investor across the globe, allowing for an easy point of entry despite the restrictions imposed by existing laws.
“Accredited investor laws are a good example,” said Armstrong. “They were created with the best of intentions, to protect regular people from scams – a noble idea. But what has been the actual result? They’ve often made it illegal to get rich via investment unless you’re already rich.”
“This is part of why Bitcoin has made so many people wealthy. It was not a security, so regular people could invest early on,” he added.
Armstrong went on to add that crypto is not going to solve wealth inequality because it’s not trying to create the same outcome for everyone.
“But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.”
For those that still prefer more control in their financial life, he points to the fiat system, which already exists.
“Crypto is simply providing an alternative for people who want more freedom. Everyone can make their own choice, and that is probably a good thing,” he concluded.
Price Action: At press time, the leading digital asset Bitcoin (CRYPTO: BTC) was trading at $31,300, down 1.34% over the past 24-hours. The rest of the crypto market also traded lower, with the majority losing over 7% over the past seven days.