Crypto provides more freedom and is a “much-needed breath of fresh air” for all those that believe that state solutions are inefficient, underdeliver and overpromise, Brian Armstrong responded to Jackson Palmer, founder of Dogecoin after his recent comments that we reported about in our altcoin news.
Brian Armstrong who is the co-founder of Coinbase responded to the recent attacks on crypto by DOGE creator Jackson Palmer. Armstrong pointed out some of the biggest benefits of crypto like BTC stressing that crypto provides more freedom as an alternative for people that want it. The CEO outlined that one’s stance on the crypto industry depends on a perspective, saying that people who want more control from financial regulators are free to enjoy the financial fiat system but crypto is a much-needed “breath of fresh air” for those that believe that government solutions are not efficient. Armstrong went on to say that traditional investment tools are associated with a lack of opportunities for the smaller investors and referred to restrictions like the accredited investor laws:
“Accredited investor laws are a good example. 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.”
In contrast to the traditional investment instruments, cryptos like Bitcoin don’t require investors to be accredited by the financial authority in early inception, representing an attractive opportunity for retail investors as Armstrong said:
“This is part of why Bitcoin has made so many people wealthy. It was not a security, so regular people could invest early on.”
Armstrong concluded that crypto creates wealth mobility and equality of opportunity for everyone, outlining that everyone can choose the system that works best for them:
“Crypto is not going to solve wealth inequality — it’s not trying to create the same outcome for everyone.”
With a mission to create an open financial system for the world, Coinbase is known for its no political stance. Palmer who initially created dogecoin as a joke in 2013, took it to Twitter to blast the entire crypto industry arguing that crypto is basically a “right-wing, capitalistic technology” designed to avoid taxes, diminish regulatory oversight and artificially enforce scarcity. Palmer predicted that the industry is racing to an oversaturation of crypto to the point that the value is inversely approaching zero.
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