Coinbase’s CEO Spoke in Depth About Cryptocurrencies in the Current World, Libra Helping Ecosystem
Up to this point, there’s no doubt that the amount of financial disruption cryptocurrencies have caused in the mainstream financial industry has been unimaginable.
The Blockchain technology, which has been experiencing mass adoption too, is increasingly facing resistance from the authorities.
Clearly, It Is More Than a Mere Power Struggle
This, according to the CEO of Coinbase, Brian Armstrong, has been a decade-long ride for the burgeoning industry. To him, these all happenings are a series of milestones that started when they would laugh at the crypto industry, but now want to actually block it.
Armstrong, however, expects many of those criticizing digital assets to eventually adopt them. He compares the whole events to “stages of grief,” and calls upon ardent cryptocurrency enthusiasts to “periodically suit up” and meet the government and reassure them about crypto.
President Trump recently dismissed Bitcoin and other coins in a tweet. This also is another milestone, according to Armstrong, who sees it as a tell-tale sign that digital currencies are no longer associated with the lowly.
On Bitcoin and Libra Coin
Cryptocurrencies have been widely tipped to replace fiat and become the global currency. Bitcoin, the de facto face of the digital asset industry is the best bet, even though it still faces antagonism from the centralized fiat currencies. In fact, the two stand at opposite ends of the spectrum, unlike Libra which has been perceived as being in a gray area.
Bitcoin, according to the Coinbase CEO, has all it takes to replace fiat and adequately be the currency for the future. But only a few people understand the consequences this has on cross-border applications, especially considering how hostile the authorities in some jurisdictions are towards it.
In the US, for example, the OFAC now prohibits citizens from transacting with traders located in Iran and North Korea. But even with that, Armstrong sees Libra as being the driver of massive adoption of crypto and the right coin to break the current regulatory hurdles.
While reiterating the need for crypto to be used in conventional transactions, he also urged crypto traders to continue partnering with mobile payment companies. He wants digital currencies to be infused into the conventional mobile money experience in all 200 countries.
On Venezuela’s Attempts to Use Crypto
Venezuela’s economy has been doing badly for a while now. And while the government expected Petro to turn things around, Brian Armstrong advises investors to still hold tight for the coin’s true impact might take over a decade to be felt.
On the Idea of a Decentralized Social Networks
Decentralized social networks are already here, and according to Armstrong, they all need to work on the scalability of their protocols. He compares them to China, where, despite the huge economic potential the country has, its people are largely oppressed.
But he opines the need for special economic zones, saying that they are necessary for startups to thrive. This, he says, will help a project get acquired or evolve in line with the technological changes.
Meanwhile, as the whirlwind on cryptos and crypto-based transactions continue, businesses have no alternative, but to relocate to crypto-friendly regions. Governments are seemingly coy about banning them altogether because it might turn to be the greatest financial blunder.