Crypto offers more freedom, Coinbase CEO responds to DOGE creator

Crypto may be a “much-needed breath of contemporary air” for people who believe that state solutions area unit typically “inefficient, overpromise or underdeliver,” Brian Armstrong aforementioned.

Brian Armstrong, co-founder and CEO of Nasdaq-listed cryptocurrency exchange Coinbase, took to Twitter to respond to a recent attack on crypto by Dogecoin (DOGE) co-creator Jackson Palmer.

In a Twitter thread on Thursday, Armstrong pointed out some of the biggest benefits of cryptocurrencies like Bitcoin (BTC), stressing that crypto is “simply providing an alternative for people who want more freedom.”

The CEO stressed that one’s stance on the crypto business depends on a perspective, elaborating that folks World Health Organization need additional management from money regulators square measure unengaged to fancy the normal act system. however crypto could be a “much-needed breath of contemporary air” for people who believe that government solutions square measure typically “inefficient, overpromise or underdeliver,” Armstrong noted.

Armstrong went on to mention that ancient investment tools square measure typically related to an absence of opportunities for smaller investors, touching on restrictions like authorised capitalist 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 distinction to some ancient investment instruments, cryptocurrencies like Bitcoin didn’t need investors to be licenced by any money authority in early origin, so representing a gorgeous chance for retail investors, Armstrong said:

“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 such, Armstrong concluded that crypto creates “wealth mobility and more equality of opportunity for everyone,” stressing that everyone can choose the system that works best for them. “Crypto is not going to solve wealth inequality — it’s not trying to create the same outcome for everyone,” he added. With a mission to “create an open financial system for the world,” Coinbase is known for its “no-politics” stance officially taken in late 2020.

Related: Michael Saylor doesn’t think Bitcoin is ‘going to be currency in the US ever’

Palmer, who created Dogecoin as a joke back in 2013, took to Twitter earlier this week to blast the entire crypto industry, arguing that crypto is an “inherently right-wing, hyper-capitalistic technology” designed for a combination of “tax avoidance, diminished regulatory oversight and artificially enforced scarcity.” In 2018, Palmer predicted that the industry is “rapidly racing towards an oversaturation of cryptocurrencies” to the point that their value and utility “inversely approaches zero.”

As previously reported, Dogecoin has emerged as one of the most popular cryptocurrencies this year, becoming the top-gaining digital asset in Q2 2021 with a surge of 392%.