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Brian Armstrong named the main ways to use cryptocurrencies in real life

Brian Armstrong named the main ways to use cryptocurrencies in real life Brian Armstrong - Coinbase CEO

Brian Armstrong Champions Cryptocurrency's Real-World Utility

Coinbase CEO Brian Armstrong recently addressed the versatile applications of cryptocurrencies, challenging the skepticism surrounding digital assets. In a compelling rebuttal to critics who pigeonhole cryptocurrencies as mere vehicles for speculation and illicit dealings, Armstrong highlighted the growing global embrace of these digital assets. Over 50 million Americans and 400 million individuals globally are cryptocurrency users, with illicit activities constituting less than 0.5% of crypto transactions, underscoring the legitimacy of their use.

Trust in Cryptocurrencies Over Traditional Financial Systems

Armstrong delved into the history of financial systems, particularly critiquing the U.S. decision to detach the dollar from the gold standard in the early 1970s. This move, he argued, opened floodgates to unrestrained money printing, decades of high inflation, and economic stagnation. Bitcoin, with its capped supply of 21 million coins, along with gold's finite reserves, offers a viable solution to these long-standing fiscal challenges.

Cryptocurrencies: Beyond the Speculative Hype

The CEO pinpointed several key areas where cryptocurrencies are making significant strides:

  • Adoption of Stablecoins: Armstrong highlighted the increasing adoption of U.S. dollar-backed stablecoins like USDC. These digital currencies provide a stable medium for transactions and investments, circumventing traditional banking's high fees and slow transfers. Remarkably, USDC transactions are nearing the $9 trillion mark annually.
  • Efficiency in Payments: Armstrong advocated for the blockchain and layer 2 solutions for their ability to facilitate quick and cost-effective global payments, positioning these technologies as superior to outdated banking practices.
  • Empowerment through NFTs: Non-fungible tokens, according to Armstrong, have revolutionized the relationship between creatives and their audiences by eliminating costly intermediaries.
  • Decentralized Social Networks (DeSo): Cryptocurrencies facilitate the emergence of decentralized social platforms, enabling users to own their data and safeguard against censorship. Furthermore, Armstrong envisioned a future where social media content can be authenticated to curb the spread of AI-generated misinformation.

A Call for Clear Regulatory Frameworks

In his visionary outlook, Armstrong underscored cryptocurrencies as a burgeoning asset class, pivotal to the future of finance. He urged lawmakers to expedite the development of a coherent regulatory landscape for crypto businesses, reinforcing the U.S.'s role as a hub of innovation. Reflecting the widespread interest in digital currencies, Coinbase's research highlighted that a majority of Californians would support a pro-cryptocurrency presidential candidate, signifying the public's growing acceptance and enthusiasm for cryptocurrencies' potential. 

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