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Bitcoin As World Reserve? Coinbase CEO Says It’s Inevitable
In a bold and unprecedented statement, Brian Armstrong, the CEO of Coinbase, has claimed that Bitcoin could potentially become the world reserve currency, a notion that has sparked both excitement and skepticism within the cryptocurrency community. This prediction was made during the company’s annual State of Crypto Summit on June 12th.
According to Armstrong, this development is inevitable as he believes that the current monetary system is struggling to maintain its credibility. He emphasized that money serves as both a medium of exchange and a store of value. While stablecoins have performed well in terms of achieving the former, fiat currencies are failing at the latter.
Armstrong’s vision for Bitcoin revolves around its algorithmically fixed 21 million coin limit, which he believes would provide an external brake on governments’ propensity to monetize their deficits. This notion was reinforced by Armstrong’s warning that if the public finances continue to deteriorate further, people will flock to Bitcoin during times of uncertainty.
The CEO’s prediction gained momentum after a surprise keynote address from President Donald Trump, who praised the development of stablecoins and called himself the “first crypto president.” Additionally, the White House has already initiated steps towards creating a Strategic Bitcoin Reserve.
This move is in line with Armstrong’s forecasted scenario. The executive order issued by Trump on March 6 directs the Treasury Department to consolidate forfeited BTC and acquire more coins under budget-neutral conditions. Recently, Executive Director of the President’s Council on Digital Assets Bo Hines announced that the architecture for this Strategic Bitcoin Reserve will be revealed shortly.
It remains unclear whether Armstrong’s prediction can become a reality. However, his assertion has garnered widespread attention within the cryptocurrency industry.
Source: bitcoinist.com
