Coinbase’s Brian Armstrong Criticizes the Fed

Live Bitcoin News
Live Bitcoin News July 24, 2020
Updated 2020/07/24 at 10:01 AM
4 Min Read

It looks like Coinbase CEO Brian Armstrong isn’t a huge fan of the stimulus checks that went out in May.

Armstrong: Printing Money Doesn’t Solve Anything

Two to three months ago, the United States government began issuing checks of approximately $1,200 to individuals who made less than $75,000 a year. The money was designed to assist citizens during the coronavirus pandemic and give them a little financial boost during what is turning out to be an excruciatingly long period of strife, as many people have lost their jobs or are enduring financial hardship in some way.

However, this maneuver was largely criticized by members of the public and by industry leaders. Elon Musk for example – the CEO of both Tesla and SpaceX – was largely against the release of stimulus checks to lower-income Americans, claiming that simply printing money out of thin air the way the Fed allegedly did was likely to lead to inflation and other economic issues.

It now looks like Armstrong agrees. In a recent interview, he decried the printing of money, saying that this was not the best way to attack an economic problem. However, he’s confident that current monetary policies upheld by the Fed will soon be considered outdated, and that they will potentially push bitcoin and cryptocurrencies further towards a full adoption phase.

As it stands, bitcoin and its altcoin cousins were designed with one purpose in mind – to serve as means of payment for good and services. However, their volatility and vulnerability to price swings have ultimately gotten in the way, making them tools for speculation rather than for purchasing.

Initially, bitcoin was designed to compete with cash and credit cards and take the control out of the hands of financial institutions, which are largely centralized and have more control than they should in the eyes of some financial experts.

As bitcoin is a decentralized asset, it was built to ensure that financial freedom is put back in the hands of the people that would use it. However, granted it remains a victim of volatility, there isn’t much that people can do with it.

The Case for Bitcoin Has Been Made

Armstrong is confident this is going to change. For the most part, he believes that the way the Fed has been running the monetary planes over the past ten years are largely ineffective, and he thinks bitcoin can potentially solve some of the problems certain global economies are consistently facing. In a series of tweets, he explained:

The crypto economy is just getting started. Freedom and opportunity can be found on its frontier. Start there – don’t be rash or try to get rich quick. There is still volatility. From there, you can start a crypto startup, earn a living in crypto, begin to pay for food/ rent in crypto, do remittance in crypto, etc. to begin to fully participate.

The post Coinbase’s Brian Armstrong Criticizes the Fed appeared first on Live Bitcoin News.

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