In response to Dogecoin’s co-founder who had earlier in the week said the crypto space is not user-friendly, Brain Armstrong Coinbase CEO said the Crypto space represents a “much-needed breath of fresh air.”
Brian Armstrong, the co-founder and CEO of Coinbase, a Nasdaq-listed cryptocurrency exchange, took to Twitter to respond to Dogecoin (DOGE) co-creator Jackson Palmer’s recent attack against cryptocurrencies.
On Thursday, Armstrong outlined some of the most significant advantages of cryptocurrencies such as Bitcoin (BTC), emphasizing that crypto is “merely providing an alternative for those who desire more freedom.”
The CEO highlighted that one’s position on the crypto business is dependent on one’s perspective, adding that those who prefer more regulatory oversight from financial regulators are free to use the traditional currency system.
For those who believe that government solutions are typically “inefficient, overpromise, or underdeliver,” crypto represents a “much-needed breath of fresh air,” according to Armstrong.
Traditional investment tools, according to Armstrong, are usually associated with a lack of opportunities for smaller investors, citing restrictions such as accredited investor laws:
“Accredited investor laws are a good example. They were created with the best of intentions, to protect regular people from scams — a noble idea. But what has been the actual result? They’ve often made it illegal to get rich via investment unless you’re already rich.”
In contrast to some traditional investment instruments, cryptocurrencies like Bitcoin did not require investors to be accredited by any financial authority in the early stages of their development, thus representing an attractor for smaller investors.
“This is part of why Bitcoin has made so many people wealthy. It was not a security, so regular people could invest early on.”
As a result, Armstrong concluded that crypto provides “wealth mobility and more equality of opportunity for all,” emphasizing that everyone can choose the system that best suits them.
“Crypto will not fix wealth inequality – it is not attempting to achieve the same result for everyone,” he continued. Coinbase is recognized for its “no-politics” attitude, which it took in late 2020 as part of its objective to “build an open financial system for the globe.”
Palmer, who invented Dogecoin as a joke in 2013, moved to Twitter earlier this week to slam the whole crypto business, claiming that it is an “inherently right-wing, hyper-capitalistic technology” geared for “tax dodging, limited regulatory control, and artificially enforced scarcity.”
Palmer warned in 2018 that the sector is “rapidly racing toward an oversaturation of cryptocurrencies,” at which point its value and utility will “inversely approach zero.”
As previously reported, Dogecoin has become one of the most popular cryptocurrencies this year, rising 392% in Q2 2021 to become the top-gaining digital asset.