Brian Armstrong, the founder and CEO of Coinbase, America’s largest cryptocurrency exchange, stated that Bitcoin is a superior form of money compared to gold. He expressed his support for the American government’s shift towards adopting a Bitcoin standard, a commitment made by President Trump.
During a recent World Economic Forum event, co-organized by Business Insider, Armstrong told the audience, “It’s clear at this point that Bitcoin is a better form of money than gold.” He highlighted that Bitcoin, like gold, is scarce, but it offers greater portability and divisibility. Additionally, Bitcoin has demonstrated higher utility and has been the best-performing asset over the past decade. Armstrong believes that governments should hold Bitcoin as a store of value over time.
Armstrong further expressed his belief that governments will gradually allocate more of their reserves to Bitcoin instead of gold. According to the World Gold Council, governments held approximately 35,000 tonnes of gold last year, equivalent to $3.16 trillion.
The United States is at the forefront of advocating for Bitcoin strategic reserves at both the federal and state levels. This bullish stance on Bitcoin is influencing other countries, including Chile, Poland, Switzerland, Hong Kong, Germany, and more, where legislators are calling for similar approaches.
With President Trump in office, crypto enthusiasts anticipate the fulfillment of his promise. Senator Cynthia Lummis is leading the BTC front for Trump and is pushing for the establishment of the Bitcoin Act to establish reserves.
Despite a 31% decrease in trading volume, Bitcoin is currently trading at $105,000, representing a 2.3% gain in the past day. The trading volume over the past 24 hours stands at $73 billion.
Armstrong also noted that the crypto industry expects four years of aggressive growth under President Trump, who has positioned himself as the crypto president.
He described the previous four years in the US as a hostile environment for the industry due to a lack of clarity, which some government officials used to hinder its progress unlawfully. Fellow panelist Anthony Scaramucci pointed out Gary Gensler and Senator Elizabeth Warren as the key culprits, attributing their actions to the Democrats losing the presidency, the Senate, and the House.
Denelle Dixon, the head of the Stellar Development Foundation, echoed Armstrong’s sentiments, expressing optimism about more favorable regulations in the US. She believes this will provide an opportunity to showcase the real-world applications of cryptocurrencies and collaborate with traditional financial institutions.
In a separate interview with CNBC’s Squawk Box, Armstrong reiterated the idea of a “new era” under President Trump and expressed his hope that the first executive order related to crypto will direct government agencies to collaborate and work towards establishing clear rules.