At the State of Crypto Summit, Brian Armstrong, CEO of Coinbase, and entrepreneur Paul Graham expressed confidence in Bitcoin's potential to become the world's reserve currency.
Brian Armstrong's View on Bitcoin
Brian Armstrong emphasized that many governments are struggling to control deficit spending. He believes Bitcoin can serve as a reliable alternative to restrain rising deficit spending. Armstrong expressed optimism about Bitcoin's mass adoption and his confidence that it could lead to Bitcoin being positioned as a reserve currency.
"Democracies around the world are really struggling to get their deficit spending under control. I guess my crazy little idea is that I think Bitcoin is going to provide an important check and balance on deficit spending, and if it gets out of control too much, people will flee to it in times of uncertainty, and it could actually end up that Bitcoin is the new reserve currency of the world," he asserted.
Paul Graham Supports Armstrong
Entrepreneur Paul Graham reacted to Armstrong’s statement, noting that his interest in Bitcoin during its early days was tied to the hope that it would become a global store of value. He recalled his early investments in Bitcoin back in 2013, where his intent was to hold assets as insurance against Bitcoin potentially becoming the world’s reserve currency.
"When I first bought some (or at least talked to you about buying some) in 2013, that was the reason: as insurance against it becoming the world’s reserve currency," he wrote.
Current Value of Bitcoin and Its Prospects
At the time of publication, Bitcoin is valued at $105,566 per coin. The leading cryptocurrency has managed to clear off weekly losses, although the question remains whether selling pressure will be contained over the weekend.
Armstrong and Graham express confidence that Bitcoin may become the new global reserve currency. Despite fluctuations in its value, they see potential for Bitcoin to impact the global economy.
