It seems Coinbase CEO Brian Armstrong is not a huge fan of the stimulus packages the fed handed out in May.
Armstrong: Printing money doesn’t solve anything
Three months ago, the US government began issuing checks of approximately $ 1,200 to people who earned less than $ 75,000 a year. This money was used to help citizens during the coronavirus pandemic and to provide them with a bit of a financial boost at a time when many people have lost their jobs or are in some way experiencing financial difficulties, which turns out to be an excruciatingly long period of struggle.
These actions, however, have been largely criticized by the public and industry leaders. For example, Elon Musk – CEO of Tesla and SpaceX – was largely opposed to issuing stimulus checks for lower-income Americans, arguing that simply printing money, in the way the Fed allegedly did, could lead to inflation and other economic problems .
Now it looks like Armstrong agrees with Elon. In a recent interview, he criticized printing money, claiming that it was not the best way to solve economic problems. The CEO of Coinbase is confident that the current monetary policy pursued by the Fed will soon be considered obsolete, and that it will potentially push Bitcoin and cryptocurrencies towards full adoption.
As they stand today, Bitcoin and other altcoins are designed with one purpose in mind – to serve as a means of payment for goods and services. However, their volatility and susceptibility to price fluctuations eventually became a stumbling block, making them a tool for speculation, not for buying.
Initially, Bitcoin was intended to compete with cash and credit cards and take control of financial institutions that are largely centralized and have more control than they should, in the eyes of some financial experts.
Since Bitcoin is a decentralized asset, it was built to ensure that financial freedom is back in the hands of the people who will use it. However, given its high volatility, it is not very useful in everyday life
Armstrong is convinced that this will change. He believes that the way the Fed has conducted monetary operations over the past ten years is largely inefficient, and believes that bitcoin has the potential to solve some of the problems that some global economies continue to grapple with. In a series of tweets, he explained:
“The cryptocurrency economy is just beginning. Freedom and opportunities can be found on its frontier. Start there – don’t be rash and don’t try to get rich quickly. There is still instability. You can set up a cryptocurrency start-up, make a living in cryptocurrencies, start paying for food / rent in cryptocurrencies, make crypto transfers, etc. to start fully participating in the process. “