The CEO of Nasdaq-listed cryptocurrency exchange Coinbase Brian Armstrong has responded to comments made by Dogecoin co-creator Jackson Palmer about the cryptocurrency market. Armstrong defended crypto creates “wealth mobility and more equal opportunity for everyone.”

The CEO of Coinbase was responding to a Twitter thread published by Palmer, in which the creator of the meme-inspired cryptocurrency revealed he has no plans to return to the cryptocurrency space as he believes it is “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.”

Cryptocurrency is like taking the worst parts of today’s capitalist system (eg. corruption, fraud, inequality) and using software to technically limit the use of interventions (eg. audits, regulation, taxation) which serve as protections or safety nets for the average person.

— Jackson Palmer (@ummjackson) July 14, 2021

Palmer added cryptocurrency “doesn’t align with my politics or beliefs system” and as such he doesn’t “have the energy to try and discuss that with those unwilling to engage in a grounded conversation.”

Armstrong responded that it All depends on your perspective,” as those hwo believe the government “should be the solution to people’s problems” can find a solution in the fiat currency system it controls.

He added, however, cryptocurrencies are a “breath of fresh air” for those who believe “government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences.”

3/ You have to remember, free markets are messy. A lot of bad ideas need to get tried to find breakthroughs. People need to make their own choices. But history shows that they lead to better outcomes for everyone, even the poorest 10%. https://t.co/DuTOX0JIqH

— Brian Armstrong (@brian_armstrong) July 15, 2021

Armstrong pointed to accredited investor laws as an example. While they were created with “the best of intentions” to protect people form scams, they “often made it illegal to get rich via investment, unless you’re already rich.”

Bitcoin, he added, made a lot of people wealthy because it is not a security, so people could invest in it early on. While Armstrong doesn’t believe cryptocurrencies will solve wealth inequality they do “level the playing field, at least to some degree.”

8/ Ultimately, everyone can choose the system that works best for them. For people who want more “controls” in place around their financial life, the fiat system is already there.

— Brian Armstrong (@brian_armstrong) July 15, 2021

The CEO concluded that cryptocurrencies are “simply providing an alternative for people who want more freedom.”

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Source: https://www.cryptoglobe.com/latest/2021/07/crypto-levels-the-playing-field-coinbase-ceo-responds-to-dogecoin-co-creator/