Dogecoin Co-Founder vs Coinbase CEO: Opposing Crypto Market Views Q2 2021 hedge fund letters, conferences and more
A week earlier, on the same platform, Dogecoin co-founder Jackson Palmer had expressed his negative thoughts on the cryptocurrency market by stating that it was capitalistic, right-wing, and centralized.
Armstrong took to Twitter to assert: “If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much-needed breath of fresh air.”
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity.”
Those initial views by Palmer triggered a tweetstorm on the social media realm, with Armstrong taking the comments more seriously and offering a well-thought-out view.
He argued that cryptocurrency is just another choice in the financial world, but one that provides freedom to its users.
“Crypto is simply providing an alternative for people who want more freedom. Everyone can make their own choice, and that is probably a good thing,” he underlined.
Armstrong also asserted that “Crypto is not going to solve wealth inequality – it’s not trying to create the same outcome for everyone. But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.”
A Freedom Advocate
The views of the Coinbase CEO have established once again his liberal views on the cryptocurrency market, as he was, according to bitcoin.com, “one of the first individuals that saw a future in the now booming cryptocurrency market back in 2012,” when he founded his firm.
Armstrong is a strong advocate for the economic freedom brought by this market, which was evident in his public letter after Coinbase’s IPO last April. Back then, he asserted that the current system was “rife with high fees, delays, unequal access, and barriers to innovation.”
“Everyone deserves access to financial services that can help empower them to create a better life for themselves,” said the statement.
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