Coinbase CEO Brian Armstrong says cryptocurrency is the next phase in the evolution of the global monetary system, but warns new traders that it’s not a way to get rich quick.
In a tweetstorm, Armstrong says many people are uncomfortable with the US government’s policies in combating the economic fallout of the Covid-19 pandemic, a scenario that he thinks will boost the case for Bitcoin and cryptocurrency.
“There is something they intuitively don’t trust about the government printing money to get our way out of this… People intuitively understand, that if you want growth and wealth creation, something of value needs to be produced (applies to governments, companies, individuals, etc).”
Despite his belief that everyone should purchase Bitcoin, Armstrong says that there are risks involved when investing in cryptocurrencies, and warns traders to proceed with caution.
“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.”
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Armstrong says people will seek out an alternative monetary system that they can trust, pointing to Bitcoin’s hard-capped supply of 21 million BTC.
“The cryptoeconomy is the new frontier and land of opportunity (what America was for a long time, and still is to some extent, although that seems to be fading). The best way to start participating in the cryptoeconomy is [to] earn or purchase a little bit of Bitcoin.”
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