As the world faces increasing economic woes from soaring debt and stubborn inflation to dwindling trust in financial institutions, Coinbase CEO says, “The world needs crypto, now more than ever.” He adds:
“Debt is growing exponentially, inflation is crippling entire nations, economic freedom is declining.”
Armstrong points to the astronomical level of U.S. federal debt, which recently surpassed $36 trillion, and the corrosive effects of inflation on purchasing power and living standards. These factors, he argues, have led to a decline in economic freedom and a growing sense of distrust among global citizens.
“It’s no coincidence Bitcoin prices are at all-time highs. People are turning to Bitcoin as a refuge from inflation and deficit spending.”
Crypto, and specifically Bitcoin, Armstrong cites as a vehicle for individuals to regain control over their finances, bypass centralized institutions, and access fast, low-cost global payments.
The Coinbase CEO doesn’t just tout crypto as an investment vehicle but rather frames it as a transformative technology capable of updating the entire financial system. He emphasizes that crypto’s true potential lies in its ability to revolutionize everything from settlement times and cross-border remittances to new models for artists and creators to monetize their work without sacrificing margins to intermediaries.
By viewing crypto as a foundational technology rather than just a speculative asset, Armstrong believes society can unlock new levels of innovation and economic participation. He closes his post saying:
“In summary:
– There are major problems with the current financial system. And they are getting worse.– Crypto is eating the financial services industry.– Coinbase is leading the charge.”
Under Armstrong’s leadership, Coinbase has evolved from a simple crypto investment platform into a comprehensive financial services provider, and now aims to serve as an application layer for the next generation of internet tools.
Under Armstrong’s leadership, Coinbase has evolved from a simple crypto investment platform into a comprehensive financial services provider, and now aims to serve as an application layer for the next generation of internet tools.
Recent announcements, such as payment APIs for seamless USDC settlements and a new Coinbase card with Bitcoin rewards, highlight the company’s commitment to making crypto more accessible and useful in everyday life.
Despite citing the very real and pressing challenges facing the global economy, the Coinbase CEO delivers a message of optimism and urgency. Crypto is not just a financial trend but a movement to rebuild the financial system from the ground up; and this will empower individuals, strengthen national economies, and accelerate human progress. Armstrong’s call to action is clear: the world needs crypto now more than ever.
Mentioned in this article
