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- Brian Armstrong has tweeted asking the citizens of the United States to start considering cryptocurrencies.
- Armstrong went on to elaborate on his opinion that most people see cryptocurrencies as a “speculative asset class” currently.
- The national debt and the sustained federal budget deficits will reach an all-time high in the coming decade if the current tax cuts and federal spending continues.
Coinbase co-founder and CEO, Brian Armstrong has tweeted asking the citizens of the United States to start considering cryptocurrencies. As their primary form of money about a Wall Street Journal article that says the U.S. National Debt projected to rise to 98% of the country’s GDP by 2030 by the U.S. Congressional Budget Office.
https://twitter.com/brian_armstrong/status/1222568432870154242
Armstrong went on to elaborate on his opinion that most people see cryptocurrencies as a “speculative asset class” currently. He believes that this perception will change entirely with the younger generation who will start viewing government-issued currency as “funny money”.
This younger generation will see cryptocurrencies as a more validated form of money that is tamper-proof and decentralized. In a world where technology governs every aspect of daily life, the population will trust the authority of maintaining the source code of the currency with honest and genuine developers.
Armstrong concluded his tweet with a rhetorical question to his audience, asking why anyone would put their livelihood and earnings into a form of currency that can easily be “manipulated or devalued” without the holder’s control. The WSJ article talks about a concerning prediction for most of the U.S. population.
The report states that the national debt and the sustained federal budget deficits will reach an all-time high in the coming decade if the current tax cuts and federal spending continues. If this projection turns out true within 2030, this can prove disastrous for the U.S. dollar.
Awareness about cryptocurrencies is increasing gradually in the U.S. with 58% of people have heard of Bitcoin a study by Coinbase in 2019. 70% of U.S. states have also been imposing cryptocurrency regulations which shows that the industry is gaining full traction within the population.
Adoption of a suitable cryptocurrency as money as Armstrong suggests is undoubtedly a great idea given that the entire network is decentralized, has no transfer fees, and allows for all the benefits that a digital form of currency brings, like global accessibility, etc.
The younger generation is already starting to realize the importance of cryptocurrencies and the potential they hold. This is being seen more like the increasing awareness of crypto and the decreasing faith in their governments to regulate fiat currency.
