Brian Armstrong Says Crypto Can Beat Inflation, What Does the Chart Suggest?
The boss of one of America’s leading centralized crypto exchanges, Coinbase, explained that Bitcoin could become the new global gold standard. He believes the digital asset could renew America’s chances of fighting against China’s impending challenge.
Brian Armstrong, the CEO and founder of the Coinbase crypto exchange, spoke about the broader crypto market during the months-long price decline and the way forward for the company.
Armstrong also shared his take on Ray Dailo’s theory, explaining that cryptocurrency growth could fuel a new world order. So the decentralized West can compete well against the centralized East.
Using crypto as a hedge
Armstrong spoke about the ongoing bearish market compared to the one before it in a recent interview with our sources. However, he stressed that the current market trend showed clear features this time. According to him, the main reason could be that digital assets are now more accepted and have more use cases than in previous bear market cycles.
Related literature | Bitcoin Open Interest Drops as Price Drops Below $31,000
Unfortunately, there was no explosion in the prices of coins. This also means that more than 85% of the tokens will never reach their highest price ever again.
He also said this disparity in the current cycle condition was partly a result of the macroeconomic environment that intensified the bearish cryptocurrency market. More importantly, investors and traders view digital assets as just as unstable as risky technology stocks.
Crypto Market Chart Follows Bearish Trend | Source: Crypto Total Market Capitalization on TradingView.com
On the other hand, Armstrong explained that he believes DeFi’s entire market cap needs to grow by more than 5 to 10 times its current before it can become a hedge against inflation. Besides the CEO of Coinbase, many crypto experts also believe in the same opinion.
Introducing Super App Wallet
Amid the ongoing bearish market, Coinbase’s boss said his company would strive to innovate and create new products. More importantly, the centralized exchange is developing a more advanced decentralized wallet with many advanced features, including a profile page, personal identity, and even reputation points.
In addition to being a financial solution, the wallet can also be a social platform with sections for status and social feeds. Also, musicians and artists will not be missing, as the wallet will allow them to display their works of art. He added that this next-gen capability of the super-app wallet covers why Web3 is the future of the Internet.
Centralized and Decentralized Battle
Ray Dalio, a well-known hedge fund manager, popularly claimed that the current world order is controlled by the West. More specifically, America. However, he noted that there is a possibility of a change with the increasing progress of countries like China.
Related literature | US Macro Pressures Responsible for Bitcoin’s Entire Downtrend
While he agreed that the US is declining while China is rising, Armstrong stated that the future world order may no longer be “country-oriented.” Armstrong believes that if Bitcoin becomes a contender for the new global gold standard, it could skyrocket the decentralized hemisphere of the west.
Featured image from Pixabay, chart from TradingView.com