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

Editor's Note: This article has been deleted without changing the original intention of the author.

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.

business-4636683_1280

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. "

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Babbitt Column | From Central Bank to Digital Currency Exchange: A Typical Case of Banking Sinking

Author: Sun vice president As the author mentioned in the previous article, the once-populated bottom-level public ch...

Market

Bitcoin stays stable at $30,000, is this a signal of a bull market?

Since 2023, the Bitcoin market has maintained a continuous growth trend, recently rebounding to over $31,000 in the p...

Blockchain

After the delisting of FTX, Binance entered the options market, why did it choose the "American option" that is different?

Binance has been very eye-catching recently, withdrawing its own FTX tokens and preparing to launch new businesses su...

Opinion

Vitalik said he has never sold ETH for personal gain, we took stock of his personal and charitable wallets

Even if Vitalik Buterin occasionally sells some ETH, it will not have a significant impact on the long-term developme...

Market

Is CoinDesk selling at a loss with a valuation of $125 million after being in business for ten years?

On the occasion of its tenth anniversary and after being held by DCG Group for eight years, CoinDesk, the cryptocurre...

Blockchain

Vicious competition causes frequent DDos attacks on exchanges. What is the cost of the attack?

Source: Financial Network Chain Finance Cryptocurrency exchange Bitfinex tweeted on February 28 that it was suspected...