In a recent interview, Coinbase CEO Brian Armstrong discussed the merits of Bitcoin as a medium of exchange, comparing it to traditional currencies.
Armstrong Against Traditional Currencies
On July 29, Coinbase CEO Brian Armstrong stated on the Shawn Ryan Show that Bitcoin might be better than traditional fiat currencies. Despite recent negative price actions for Bitcoin, he continues to emphasize its importance in the global financial system, highlighting the support it garners from investors.
Comparison of Bitcoin and Gold
Armstrong asserted that Bitcoin, due to its qualities, surpasses gold as a medium of exchange. He emphasized that Bitcoin possesses properties such as scarcity, durability, and portability, making it more appealing than gold. While gold is also considered a good store of value, it is cumbersome to move and use for cross-border transactions.
Long-Term Perspective of Bitcoin
Despite certain limitations and market volatility, Armstrong pointed out Bitcoin's decentralized nature, which allows it to function independently of government control. He claims Bitcoin is not merely a speculative asset but a viable financial instrument that serves as a good alternative to traditional currencies.
In conclusion, Brian Armstrong views Bitcoin as a reliable medium of exchange in contrast to traditional currencies, emphasizing its unique properties and ability to facilitate secure and swift transactions.
