In a recent interview with Bloomberg TV, Brian Armstrong, the CEO of Coinbase, shared his ambitious vision for the future of crypto. He sees it not just as a means for price increases or technological updates, but as “a new form of sound money…a return to a new digital gold standard.” Armstrong believes that crypto has the potential to revolutionize the economic foundations of society in various ways.
Some of the ways Armstrong envisions crypto impacting society include providing a check and balance for issues faced by America, digitizing the dollar and making global payments faster and cheaper, and empowering artists to sell directly to their fans. He believes that policymakers should educate themselves on the potential of crypto and “get the word out” to the American people.
Armstrong also discussed the topic of Bitcoin exchange-traded funds (ETFs), stating that their potential approval by regulatory agencies would be “incredibly positive” for Coinbase. He also noted that Coinbase is not simply a platform for institutions or Bitcoin, but offers over 100 cryptocurrencies and can be a primary financial account for some individuals.
The issue of Ethereum ETFs is currently being discussed at the Securities and Exchange Commission (SEC). Armstrong believes that they should be approved and given equal treatment under the law, referencing the precedent set by Bitcoin ETFs. However, he acknowledges that the issue is highly politicized and may result in a lengthy legal battle.
Armstrong also shared his idea for a “Coinbase 500” index, which would track the top 500 coins by market cap, similar to the way the S&P 500 tracks the top 500 companies. This would provide investors with a way to gain exposure to the crypto market and diversify their risk. However, the approval of many tokens by regulatory agencies would be necessary for this index to become a reality, which could take several years.
Despite the potential challenges, Armstrong remains committed to the future of crypto and believes it is the solution to the current financial system that “doesn’t work for 87% of Americans.” He continues to push for adoption of crypto in Congress and believes in its potential to improve society.
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