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 emphasized that one’s stance on the crypto industry depends on a perspective, elaborating that people who want more control from financial regulators are free to enjoy the traditional fiat system. But crypto is a “much-needed breath of fresh air” for those who believe that government solutions are often “inefficient, overpromise or underdeliver,” Armstrong noted.
Armstrong went on to say that traditional investment tools are usually associated with a lack of opportunities for smaller investors, referring to 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 early inception, thus representing an attractive opportunity 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.
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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%.