Coinbase CEO: Almost every economic field is struggling, and Bitcoin is the currency people need at this moment

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Coinbase, a leading U.S.-based cryptocurrency exchange, recently held a remote employee meeting to introduce its strategy to its employees during the Covid-19 pandemic. At the conference, Coinbase CEO Brian Armstrong said that Bitcoin was designed to respond to the current crisis facing the world.


Some people speculate that Satoshi Nakamoto's main motivation for creating Bitcoin was to establish a new financial system with greater flexibility. In response, Armstrong stated:

"The good news is that Bitcoin was built for this … Bitcoin is amazing-it's global, it's inflationary, it's digital. This is the currency people need at this moment."

Armstrong pointed out that the United States and governments around the world are promoting large-scale expansion of their respective money supply through economic stimulus plans and rescue plans to deal with the economic impact of the new crown pneumonia pandemic.

"Almost every sector of the economy is struggling. If manufacturing people ca n’t keep their distance from society, they do n’t want to go to factories, and retail has been eliminated. Business travel is really difficult. We may even see some of these investment banks in need of relief , So in a way, we as a technology company can continue to operate, which is very fortunate because almost every economic field is struggling … "

"So what does this actually mean? When you invest a lot of money in the ecosystem and the number of goods has not really increased due to the slowdown in manufacturing, the price will rise over time. Basically, it will There is inflation. When this happens, people will try to find alternative investments that can prove inflation, these investments can basically guarantee scarcity. Therefore, this is true for Bitcoin and other asset classes that can resist inflation (real estate Etc.) is a good example. " Armstrong also compared the current state of the cryptocurrency with the early state of the internet.

"The crypto industry is going through all of this growing pain. It needs to become more scalable. It needs to become more useful to the average person, and that's how we want to make it for 100 million and 1 billion people, and that's The infrastructure that Coinbase really provides. "

"Economic freedom means money for everyone. It means property rights. It means free trade. It means you can work for the company you want to work for, start the company you want to set up … we will make this unique in history Use cryptocurrencies to create a more open financial system and create economic freedom for people around the world. "

Because of all the rapid changes and turbulence caused by the coronavirus outbreak, Armstrong said there is a need to slow down immediate expectations.

"There is a new highest priority … you and your family should prioritize your safety. That is the number one priority. And we need to make sure that we can do business as usual in all of these processes. Given this new reality , We have some ambitions around 2020 that may need to be curtailed. "