Cryptocurrencies bring more freedom, Coinbase CEO answers DOGE Creators

Brian Armstrong, co-founder and CEO of the Nasdaq-listed cryptocurrency exchange Coinbase, took to Twitter to respond to Dogecoin co-founder Jackson Palmer’s recent attack on cryptocurrency (DOGE) Jackson Palmer.

In a Twitter thread on Thursday, Armstrong shown Some of the greatest advantages of cryptocurrencies like Bitcoin (BTC) and emphasize that cryptocurrencies “simply offer an alternative for those who want more freedom”.

The CEO stressed that one’s stance on the crypto industry depends on opinion, explaining that those who want more control from financial regulators can use the traditional fiat system. But cryptocurrencies are a “much needed breath of fresh air” for those who believe that government solutions are often “ineffective, over-promoted, or under-distributed,” noted Armstrong.

Armstrong added that traditional investment vehicles are often associated with a lack of opportunity for smaller investors, citing restrictions such as recognized investor laws:

“The recognized investor law is a prime example. They were created with the best of intentions to protect ordinary people from fraud – a noble idea. But what is the real result? They often find it illegal to get rich by investing unless you are already rich. “

Unlike some traditional investment vehicles, cryptocurrencies like Bitcoin do not require any accreditation from a tax authority at all, making them an attractive opportunity for investors. Small investors, Armstrong said:

“This is one of the reasons Bitcoin made so many people rich. It’s not a security so ordinary people can invest early. “

As a result, Armstrong concluded that cryptocurrencies create “equal wealth and opportunities for all,” emphasizing that everyone can choose the system that works best for them. “Cryptocurrency is not going to solve wealth inequality – it is not trying to get the same results for everyone,” he added. With the mission to “create an open financial system for the world”, Coinbase is known for its “non-political” stance, which will be officially adopted by the end of 2020.

Related: Michael Saylor Doesn’t Believe Bitcoin “Will Become A Currency In America”

Palmer, who created Dogecoin as a joke in 2013, took to Twitter earlier this week in an attempt to blow up the entire crypto industry, arguing that cryptocurrency was a “capitalist hypercapitalist technology”. reduced regulatory scrutiny and artificially enforced scarcity. ”In 2018, Palmer predicted that the industry would“ rapidly race toward oversaturation of cryptocurrencies ”until their value and utility were“ the opposite of zero ”.

As previously reported, Dogecoin has become one of the most popular cryptocurrencies this year and became the best bullish digital asset in the second quarter of 2021, growing 392%.