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- 1 In a recent tweet, Brian Armstrong discussed “economic freedom” in the U.S.
- 2 Armstrong shared an article from an American libertarian monthly magazine, Reason.
On June 26, the CEO of Coinbase, Brian Armstrong tweeted “the U.S. unfortunately has fallen in economic freedom rankings over the years.” According to the Heritage Foundation’s Derrick Morgan, “the U.S. once ranked no. 4 in the world and now it is at 25th position.” Recently, the Securities and Exchange Commission (SEC) sued Coinbase for operating as an unregistered securities exchange.
Economic freedom remains an important measure of every country's potential for growth and prosperity. And increasing economic freedom is Coinbase's mission.
— Brian Armstrong 🛡️ (@brian_armstrong) June 26, 2023
The U.S. unfortunately has fallen in economic freedom rankings over the years https://t.co/G8wjLfwtoM
HT @FEhrsam
Brian Armstrong’s Shares Coinbase Mission
“Increasing economic freedom is Coinbase’s mission,” Armstrong wrote. Economic freedom remains an important measure of every country’s potential for growth and prosperity, as he previously added. Armstrong further mentioned that “Singapore ranked 1st in 2023 ranking as they’ve done an incredible job on most dimensions measured.”
The CEO of Coinbase also added the “area of concern” as Singapore has “taken a step back on allowing retail crypto trading” which Armstrong thinks “is short sighted and anti-freedom. This will be an area to watch on how they develop their views (and sensible regulatory frameworks) post FTX.”
Notably, last year in November, a crypto exchange, FTX, got bankrupt and after which the U.S. regulator tightened rules for crypto companies. Since the second half of last year till date, the SEC has gone after several cryptocurrencies and digital asset services for alleged violation of federal laws.
Armstrong’s Old Blog Post About “Economic Freedom”
Armstrong also recalled his old blog post, in which he wrote about “how digital currency will change the world.” He shared the blog on August 31, 2016 in which he also added about “economic freedom.”
In the post, he wrote about “economic freedom, its importance and how digital currency can change it.” According to Armstrong “Economic freedom is a measure of how easy it is for members of a society to participate in the economy.” He added a data chart that was published by the Heritage Foundation and The Wall Street Journal in 2016.
“Over the past 20 years, the global average economic freedom has gone up by only 3 points (from 57% to about 60%). Things are moving in the right direction, but far too slowly,” Armstrong wrote.
He also believes that after the invention of digital currency people can “dramatically increase the economic freedom of the world.” He also said that “it will perhaps raise as high as 75% in the next 20 years.”
In the conclusion of the piece, Armstrong highlighted that “economic freedom is one of the great meta-problems of our time (right up there with A.I., quantum computing, and cheap renewable energy).”
Additionally, he suggested that “if people can create more economic freedom in the world, it will serve as a giant economic stimulus package for the world.” This will further “accelerate innovation, reduce wars, make the poorest 10% better off, overthrow corrupt governments, and raise happiness,” he added in the end notes.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
