In a thought-provoking statement, Coinbase Inc. COIN CEO Brian Armstrong has proposed that Bitcoin BTC/USD could be pivotal in extending the influence of Western civilization, particularly in defending the long-term interests of the American dollar.
Bitcoin As A Check And Balance
Armstrong suggested that the natural tendency for countries with reserve currencies, like the U.S., is to inflate their money supply and increase deficit spending, potentially losing their economic advantage.
He referenced Ray Dalio's discussions in "The Changing World Order" to underline this point.
However, Armstrong sees Bitcoin and cryptocurrencies as a viable alternative to traditional fiat currencies, offering a solution to counteract inflation.
Crypto As A Complement To The Dollar
Contrary to the belief that cryptocurrencies might threaten the U.S. dollar, Armstrong argued that they will serve as a natural check and balance.
He believes that Bitcoin will complement the dollar, defending American and broader Western interests.
This perspective is grounded in the idea that people should move from dollars to crypto rather than to another country's fiat currency.
The Role Of Stablecoins
Armstrong also highlighted the significant role of dollar-backed stablecoins like USDC in bridging the gap between fiat and crypto.
He envisions a future where fiat and crypto coexist for an extended period, acting more as complements than substitutes.
In this scenario, stablecoins will play a crucial role in unifying these two financial worlds.
Read Next: Bitcoin Bull Run Ahead: Novogratz Sees Return To All-Time Highs
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