Coinbase CEO Brian Armstrong has responded to the Dogecoin creator Jackson Palmer following his attack on crypto recently.
Armstrong believes that cryptos are a breath of fresh air from the fiat system and that they have given people more economic freedom around the world.
Coinbase CEO Brian Armstrong has hit back at Jackson Palmer, following his attack on cryptocurrencies recently. Palmer, who is the Dogecoin co-creator, launched his attack on the industry on Twitter, claiming that it’s just a system enabling the wealthy to prey on the naive and financially desperate. However, according to Armstrong, crypto has given economic freedom to its users and removed the barriers that had been designed to keep the rich at the top.
As we reported, Palmer slammed the crypto industry as capitalistic, stating that he would never get back to the industry he helped shape. Crypto only allows the rich to amplify their wealth through “a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity,” he ranted.
Many in the industry have since then shot back at Palmer, with Nic Carter branding the rant as hypocritical. Palmer can’t criticize the industry after he made a meme crypto that has amplified the very predatory nature he now bemoans, Nic stated.
And now, one of the most revered crypto titans has pitched in, calling out Palmer for the criticism. Brian Armstrong, the CEO and co-founder of American exchange Coinbase pointed out that crypto has given millions economic freedom. It has also brought down the barriers that the wealthy had put up to keep the rest from accessing tools that can change their lives.
Coinbase CEO: If you want inefficient systems, stick to fiat
For Armstrong, it all depends on one’s perspective.
If you believe the government should be the solution to people’s problems, then the fiat system with its “controls” has a lot to offer.
He added, ” If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much-needed breath of fresh air.”
Armstrong, who is a former Airbnb and IBM developer, pointed out that “free markets are messy. A lot of bad ideas need to get tried to find breakthroughs. People need to make their own choices.”
Armstrong’s observation is apt. The crypto industry has been around for a little over a decade. In a majority of that time, the market has been trying out new solutions to age-old problems – some have been huge successes, others not so much.
These include initial coin offerings, an innovative way for any investor to back firms they believe in. Previously, such investments were only limited to accredited investors, giving them the chance to get even richer. The crypto industry opened up this opportunity to millions across the world, and many ended up making millions.
Armstrong pointed this out, stating:
5/ 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.
— Brian Armstrong (@brian_armstrong) July 15, 2021
The crypto billionaire added:
Crypto is not going to solve wealth inequality – it’s not trying to create the same outcome for everyone. But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.
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