Coinbase CEO Brian Armstrong is optimistic Bitcoin (BTC) could one day usurp the US dollar’s role in the world.
Armstrong says in an interview he foresees Bitcoin acquiring a global gold standard status as potentially being the new global reserve currency.
“One alternative to, you know, the US decline and China’s rise is still a very country-centric view of the world. It’s one country has to be the new world order.
But I think things may be a little different this time, which is that we have a new global gold standard that’s been introduced with Bitcoin.
And there’s only 200 million people in the world or so who have tried crypto at this point. That’s a lot, but it’s nowhere near maybe the influence of the dollar or something like that.
I think most people in the world would consider this to be a crazy thing to say, or a contrarian view or whatever. But I think there’s a chance that Bitcoin becomes the new global reserve currency.”
Hear @brian_armstrong’s thoughts on @RayDalio's “The Changing World Order” and crypto’s place within it.
Can Bitcoin become the world’s future reserve currency? pic.twitter.com/I4LADjrYPu
— Coinbase (@coinbase) June 8, 2022
The Coinbase CEO says the potential loss of the dollar’s global dominance is nothing unique as fiat currencies tend to have a limited lifespan once they cease being backed by a commodity such as gold.
“Fiat currency historically starts off connected to some kind of hard commodity like gold or something. But every single one of these fiat currencies in history, I think there’s been thousands of them, they eventually break the peg with the hard commodity underneath and then they eventually inflate away.”
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