Brian Armstrong, co-founder and CEO of Nasdaq-listed cryptocurrency alternate Coinbase, took to Twitter to reply to a latest assault on crypto by Dogecoin (DOGE) co-creator Jackson Palmer.
In a Twitter thread on Thursday, Armstrong identified among the greatest advantages of cryptocurrencies like Bitcoin (BTC), stressing that crypto is “simply providing an alternative for people who want more freedom.”
The CEO emphasised that one’s stance on the crypto trade will depend on a perspective, elaborating that individuals who need more management from monetary regulators are free to benefit from the conventional fiat system. However crypto is a “much-needed breath of fresh air” for individuals who imagine that authorities options are sometimes “inefficient, overpromise or underdeliver,” Armstrong famous.
Armstrong went on to say that conventional funding instruments are often related to an absence of alternatives for smaller buyers, referring to restrictions similar to accredited investor legal guidelines:
“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 conventional funding devices, cryptocurrencies like Bitcoin didn’t require buyers to be accredited by any monetary authority in early inception, thus representing a horny alternative for retail buyers, Armstrong mentioned:
“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 everybody can select the system that works greatest 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 thought for its “no-politics” stance formally taken in late 2020.
Associated: Michael Saylor doesn’t assume Bitcoin is ‘going to be currency in the US ever’
Palmer, who created Dogecoin as a joke again in 2013, took to Twitter earlier this week to blast the complete crypto trade, arguing that crypto is an “inherently right-wing, hyper-capitalistic technology” designed for a mix of “tax avoidance, diminished regulatory oversight and artificially enforced scarcity.” In 2018, Palmer predicted that the trade is “rapidly racing towards an oversaturation of cryptocurrencies” to the purpose that their worth and utility “inversely approaches zero.”
As beforehand reported, Dogecoin has emerged as one of the widespread cryptocurrencies this 12 months, changing into the top-gaining digital asset in Q2 2021 with a surge of 392%.