Coinbase CEO Brian Armstrong has linked crypto adoption with global economic prosperity. He stated that decentralized technologies can help expand freedom of opportunity. According to Armstrong, the world needs more capitalists than socialists to achieve prosperity, even for the poorest members of society.
Armstrong made the remarks while responding to chart data comparing the gross domestic product per capita between Poland and Venezuela from 1931 to 2022. The chart shows Poland rising sharply in recent decades versus Venezuela’s collapse, noting that Capitalism created Poland’s growth while socialism killed Venezuela.
Coinbase CEO says we need more capitalism and less socialism
According to Brian Armstrong, CEO of Coinbase, if we want prosperity, especially for the poorest people in society, we need more capitalism and less socialism. He acknowledged that crypto enables capitalism by injecting economic freedom into every country around the world.
Based on the Coinbase CEO’s remarks, cryptocurrencies can improve financial inclusion and reduce dependence on centralized systems. He noted that blockchain-based solutions can help individuals in countries that face inflation and restricted access to banking services.
Debates surrounding the preservation of liberty and economic independence have intensified as governments expand regulations and fiscal control worldwide. Armstrong responded to a previous post about political and financial freedom. The post was shared by Kyle Bass, Chief Investment Officer of Hayman Capital Management, featuring comments from Venezuelan opposition leader laureate Maria Corina Machado.
Machado warned about the consequences of socialism, citing Venezuela as an example. Armstrong responded to the post, noting that this is the reason why Coinbase fights for economic freedom and why the world needs cryptocurrencies. He added that crypto guarantees freedom.
“Twenty-six years ago, Venezuelan youth fell in love with a socialist in Hugo Chávez. When people pointed to Cuba as a warning, they said, Venezuela is not Cuba. And Cuba is not real socialism. But here we are worse than Cuba.”
-Nobel Laureate Maria Corina Machado, Venezuelan opposition leader
Armstrong says socialism elevates the state above the citizen
According to the Coinbase CEO, socialism always follows the same pattern, as it elevates the state above the citizen, strips away human autonomy, conscience, dignity, and the ability to choose. He reiterated the view, shared by other crypto proponents, that digital assets represent a safeguard against governments’ overreach.
Armstrong trusts that decentralized systems preserve personal control and promote open access to financial tools across borders. He supports the view that protecting self-sovereignty through cryptocurrency is essential in an era when central authorities have increased their influence on markets and the economy.
Based on a Cryptopolitan report, Armstrong has also advocated for crypto adoption to everyone, debunking the myth that crypto is only for the wealthy. He noted that anyone can buy and hold cryptocurrency with a small amount tied to their account. He encouraged small business owners and everyday people to start with small amounts to join and grow in the growing digital economy, noting that it’s never too late.
Armstrong’s post revealed that many people will use crypto in the next ten years, and some will do so unknowingly. He noted that many people around the world have no access to banking, and crypto will provide them with a way to manage their money using just a phone and the internet. He acknowledged that decentralized finance will allow anyone to borrow, lend, save, and trade money safely with very low fees.
Armstrong believes that BTC could reach $1 million by 2030 as demand from institutional investors and ETFs grows. He further reiterated that the real value of crypto lies in giving individuals more control over their own finances and enabling anyone to participate in the financial system.
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