The boss of one of America’s leading centralized crypto exchanges, Coinbase, explained that Bitcoin could become the new global gold standard. He believes that the digital asset can revamp America’s fighting chances against the oncoming challenge from China.
Brian Armstrong (CEO and Founder) spoke on behalf of Coinbase about the wider cryptocurrency market, its price drop over months, and what is ahead for the exchange.
Armstrong also shared his view on Ray Dailo’s theory, explaining that the growth of cryptocurrency may spur a novel world order. The decentralized West is able to effectively compete against the central East.
Cryptocurrency as A Hedging Strategy
Armstrong talked about the continuing bearish market relative the previous one in an interview with our sources. He did however highlight that this market trend had distinct characteristics. He suggested that the main reason could be digital assets being more widely accepted, and having more uses-cases now than they were in previous bear markets cycles.
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However, sadly, there wasn’t any blow-off top happening to the prices of coins. Also, this means that the prices of tokens could never reach their original highs again.
He added that the distinction between the two current cycles was partially due to the macroeconomic environment which accelerated the crypto bearish market. Plus, traders and investors consider digital assets to be unstable just like risky stocks.
Armstrong stated that the total DeFi market capitalization must grow to more than 5-10 times its current value before it is able to become an inflation hedge. Many crypto pundits, including the Coinbase CEO believe this view.
Introduction Of Super App Wallet
Amid the ongoing bearish market, Coinbase’s boss said that his firm would aim toward innovation and creating new products. The centralized exchange has developed a sophisticated, decentralized wallet that includes advanced features such as a profile page and personal identity. It even offers reputation points.
It could be used to store statuses and share social feeds. The wallet allows artists and musicians to show off their works. Web3’s future is covered by this super-app wallet, said he.
Both centralized and decentralized battle
Ray Dalio is a famous hedge fund manager who claimed the West controls the world. America, specifically. He noted, however that America is susceptible to change due to the growing advances of countries such as China.
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While agreeing that the US is declining while China is rising, Armstrong stated that the future world order might no longer be “country-centric.” Armstrong believes that as Bitcoin becomes a contender for the new worldwide gold standard, it can skyrocket the western’s decentralized hemisphere.
Featured Image from Pixabay. Chart by TradingView.com