Coinbase CEO Advocates for Bitcoin

On Tuesday, July 29th, Coinbase’s CEO Brian Armstrong, known for his strong advocacy for Bitcoin, suggested that Bitcoin might be superior to traditional fiat currencies and every other form of money during an episode of the Shawn Ryan Show titled “Mining 21 Million Bitcoins.”

This statement sparked varied reactions among market participants, with many supporting Armstrong’s bullish perspective, despite Bitcoin’s recent negative price movements. This indicates that investors maintain a strong commitment to the asset and its importance within the global financial system, even when faced with persistent market challenges.

Armstrong Scores Bitcoin Against Gold

Armstrong claimed Bitcoin is “probably” the best form of money ever created, especially when compared to gold and other historical mediums of exchange. He pointed out Bitcoin’s robust monetary qualities despite the regulatory challenges it faces.

Describing money as a common medium overcoming exchange barriers created by human wants, Armstrong highlighted Bitcoin’s attributes such as scarcity, durability, portability, and visibility — essential qualities of effective money.

He acknowledged gold as a durable and valuable store of wealth but maintained that Bitcoin surpasses it in terms of monetary characteristics. Bitcoin can facilitate easier cross-border transactions and is more portable than gold.

Despite referring to Bitcoin as digital gold, Armstrong stressed that Bitcoin combines gold’s benefits with additional attributes it lacks. He also emphasized Bitcoin’s decentralized nature, functioning on an unregulated blockchain that allows for transparent, secure, and globally accessible transactions without government control.

While Bitcoin does present challenges amid market volatility, its decentralized structure and scarcity solidify its status as a superior form of money compared to traditional fiat currencies. Contrary to critics’ views, Armstrong argues that Bitcoin transcends mere speculation, standing as a legitimate financial instrument.