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Brian Armstrong, the Chief Executive Officer of the United States-based cryptocurrency exchange Coinbase, recently shared his thoughts on the potential future role of Bitcoin. The CEO posits that the digital currency could serve as a critical asset in extending the progression of Western civilization. Armstrong views Bitcoin not merely as a decentralized form of digital money but as a genuine alternative to traditional fiat currencies like the U.S. Dollar, which is increasingly subjected to inflationary pressures.
In a recent post, Armstrong expanded on his thoughts, underscoring that fiat currencies, including the U.S. dollar, may endure continuous inflation until they’re stripped of their inherent advantages as a medium of exchange. He believes the Dollar might be embarking on this detrimental path, adding that other fiat currencies are dealing with similar issues, hence offering no feasible alternatives. Armstrong suggests that cryptocurrency might serve as a practical substitution to these traditional currencies. Despite the fact that the majority of people aren’t contemplating this move yet, he assumes people might transfer their holdings from fiat currencies into cryptocurrencies as a safeguard against inflation. However, Armstrong does not foresee Bitcoin supplanting the U.S. dollar entirely. Instead, he anticipates that cryptocurrencies will emerge as a “natural check and balance” on the U.S. dollar, thereby acting as a potent safeguard for Western civilization’s long-term interests.
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