Coinbase CEO Brian Armstrong thinks Bitcoin could one day replace the US dollar as the world’s main currency. He shared this bold prediction at Coinbase’s annual crypto summit.
Armstrong’s Big Idea
Armstrong’s argument is simple: money needs to be both a way to buy things and a good way to store value. He says dollar-pegged stablecoins are great for buying things, but regular currencies aren’t so good at holding their value, especially with governments struggling to control spending. He believes that if government debt keeps rising, people will start moving their money into Bitcoin because it’s limited to only 21 million coins. This built-in limit acts as a check on governments printing more money to cover their debts. He sees Bitcoin as a safe haven during times of economic uncertainty.
The US Debt Problem and Bitcoin
Armstrong isn’t alone in his concerns. The US national debt is huge – nearing $37 trillion – and it’s growing rapidly. He’s been warning for months about the potential for a global shift away from traditional currencies if this isn’t addressed. He even suggested the US government create its own Bitcoin reserve.
Unexpected Support: Trump and the GENIUS Act
The summit had a surprise guest: a pre-recorded message from former President Donald Trump. Trump talked about supporting dollar-backed stablecoins and creating a regulatory framework for crypto, aiming for US dominance in the crypto space. He even signed an executive order creating a Strategic Bitcoin Reserve for the US government, aiming to acquire more Bitcoin. The White House is expected to release more details on this reserve soon.
The Current Bitcoin Price
At the time of writing, one Bitcoin was worth $104,876.
