Introduction
Brian Armstrong, the CEO of Coinbase, a prominent U.S.-based cryptocurrency exchange, has recently shared his thoughts on the potential role of Bitcoin in extending Western civilization. In a post on X, Armstrong expressed his belief that Bitcoin could serve as an alternative to fiat currencies like the U.S. dollar, offering people a way to protect themselves against inflation.
Bitcoin as an Alternative to Fiat Currencies
In his post, Armstrong discussed the idea that Bitcoin could be the key to extending Western civilization. He argued that fiat currencies, such as the U.S. dollar, are prone to inflation and will eventually lose their value as currencies. While he acknowledged that other fiat currencies, like the Yuan and Euro, also face similar issues, Armstrong believes they are not viable alternatives at present.
Armstrong stated, "The Yuan and Euro have their own issues and aren't viable alternatives currently, so the assumption is the U.S. can continue to inflate." He sees cryptocurrencies, including Bitcoin, as potential alternatives to these currencies, serving as an "antidote to inflation."
Bitcoin's Relationship with the U.S. Dollar
Contrary to some predictions, Armstrong does not believe that Bitcoin will replace the U.S. dollar. Instead, he envisions a future where cryptocurrency acts as a "natural check and balance" for the American currency, protecting the interests of the American people and Western civilization in the long term.
Armstrong emphasized, "It's better to move from dollars to crypto than to another country or region's fiat. I also think both fiat and crypto will co-exist for a long time. They are more complements than substitutes."
Unique Use Cases in Latam
Armstrong's perspective on the future role of Bitcoin and crypto is supported by the real-world use cases already observed in countries like Venezuela and Argentina. Citizens of these embattled nations have turned to cryptocurrencies to combat inflation and devaluation caused by weaknesses in their fiat currencies.
The 2023 Geography of Cryptocurrency Report by Chainalysis highlighted the significance of dollar-pegged stablecoins in these contexts, demonstrating how cryptocurrencies can provide stability and financial solace in troubled economies.
Conclusion
Brian Armstrong, the CEO of Coinbase, believes that Bitcoin and cryptocurrencies have the potential to play a significant role in extending Western civilization. As an alternative to inflation-prone fiat currencies, Bitcoin can offer individuals a means to protect their wealth and financial interests. While Armstrong does not foresee Bitcoin replacing the U.S. dollar, he sees it as a complementary currency that can act as a check and balance for the American currency. The real-world adoption and use cases of cryptocurrencies in countries like Venezuela and Argentina further support his perspective.
What are your thoughts on Brian Armstrong's views regarding the future role of Bitcoin and crypto? Share your opinions in the comments section below.
Frequently Asked Questions
How much are gold IRA fees?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes the account maintenance fees and any investment costs associated with your chosen investments.
To diversify your portfolio you might need to pay additional charges. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge annual management costs. These fees range from 0% to 1%. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
What Should Your IRA Include in Precious Metals?
It's important to understand that precious metals aren't only for wealthy people. You don't have to be rich to invest in them. There are many methods to make money off of silver and gold investments.
You might think about buying physical coins such a bullion bar or round. Also, you could buy shares in companies producing precious metals. Your retirement plan provider may offer an IRA rollingover program.
Regardless of your choice, you'll still benefit from owning precious metals. Even though they aren't stocks, they still offer the possibility of long-term growth.
Their prices are more volatile than traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are now turning their backs on traditional investments like stocks and bonds, and instead look to precious metals like Gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Some experts think that this could change in the near future. According to them, gold prices could soar if there is another financial crisis.
They also noted that gold is growing in popularity because of its perceived value as well as potential return.
Here are some things to consider if you're considering investing in gold.
- Before you start saving money for retirement, think about whether you really need it. It is possible to save for retirement while still investing your gold savings. However, you can still save for retirement without putting your savings into gold.
- Second, ensure you fully understand the risks involved in buying gold. Each account offers different levels of security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. Your gold coins may be lost and you might never get them back.
Don't buy gold unless you have done your research. And if you already own gold, ensure you're doing everything possible to protect it.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
bbb.org
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Legal – WSJ
irs.gov
How To
Tips to Invest in Gold
One of the most sought-after investment strategies is investing in gold. There are many benefits to investing in gold. There are many ways you can invest in gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, you must check whether your country allows you to own gold. If you have permission to possess gold in your country, you can then proceed. If not, you may want to consider purchasing gold from overseas.
- The second is to decide which kind of gold coin it is you want. You can go for yellow gold, white gold, rose gold, etc.
- You should also consider the price of gold. It is best to start small and work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- You should also remember that gold prices can change often. Therefore, you have to be aware of current trends.
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By: Sergio Goschenko
Title: The Future Role of Bitcoin and Crypto in Western Civilization, According to Coinbase CEO Brian Armstrong
Sourced From: news.bitcoin.com/coinbase-ceo-brian-armstrong-bitcoin-may-be-the-key-to-extending-western-civilization/
Published Date: Wed, 06 Dec 2023 07:00:33 +0000
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