Brian Kelly, founder and CEO of BKCM, a digital currency investment firm, stated that while he is still unsure about the imminent approval of a spot ether EFT, he trusts that it will be approved “at some point in time.” In an interview on CNBC, Kelly specified that solana (SOL) might be the next asset […]
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Coinbase CEO Brian Armstrong: ‘Bitcoin May Be the Key to Extending Western Civilization’
Brian Armstrong, CEO of U.S.-based crypto exchange Coinbase, stated that Bitcoin could play a role in extending Western civilization. For Armstrong, Bitcoin represents an alternative to fiat currencies like the U.S. dollar, which people can use as an alternative to inflation.
Coinbase CEO Brian Armstrong: Crypto Might Be ‘an Antidote to Inflation.’
Brian Armstrong, CEO of Coinbase, has recently reflected on the role that bitcoin might have in the future of Western civilization. In a post on X, Armstrong explained that “One idea I’ve been contemplating is that Bitcoin may be the key to extending western civilization” and that fiat currencies will keep inflating until they lose their advantages as currencies. He believes the U.S. dollar is already on this road but that there are no other alternatives as other fiat currencies face the same problems.
He 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.
Armstrong states crypto might be an alternative to these currencies, even when most people are still not considering it. He thinks people may move fiat into crypto as an “antidote to inflation.”
Nonetheless, unlike others, Armstrong does not believe that Bitcoin will kill the U.S. dollar. Instead, he envisions that crypto will become a “natural check and balance” for the American currency as one of the defenses of the American people and Western civilization’s interests in the long term.
Armstrong stressed:
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.
Citizens of some embattled countries in Latam, such as Venezuela and Argentina, are already using cryptocurrencies to battle inflation and devaluation due to the woes their economies face derived from their fiat currencies’ weaknesses. These unique use cases were highlighted in Chainalysis’ 2023 Geography of Cryptocurrency Report, stressing the significance of dollar-pegged stablecoins in this context.
What do you think about Coinbase CEO Brian Armstrong’s takes on the future role of bitcoin and crypto? Tell us in the comments section below.
Coinbase Founder Brian Armstrong Reveals Plans to Integrate Lightning Network
According to Coinbase founder and CEO Brian Armstrong, Coinbase is actively working on integrating the Lightning Network (LN), the second-layer scaling protocol. Armstrong emphasized that bitcoin “is the most important asset in crypto” and added that the integration of LN would require more time.
Coinbase on Track to Adopt Lightning Network, Says CEO Brian Armstrong
Brian Armstrong has disclosed that the Lightning Network (LN) is coming to Coinbase. The news follows Armstrong being asked about the second-layer technology on Twitter when Block CEO Jack Dorsey questioned him. “Why do you continue to ignore bitcoin and Lightning? What ‘crypto’ is a better money transmission protocol and why?” Dorsey asked. At the time, Armstrong responded and noted that his firm was looking into adding the LN and further stressed that Coinbase is not ignoring bitcoin.
Armstrong said:
Not sure why you think we’re ignoring bitcoin — we’ve onboarded more people to bitcoin than probably any company in the world.
On September 12, 2023, Armstrong explained that the LN was coming to Coinbase soon enough. “The team did a great job digging into this, and we’ve made the decision to integrate Lightning,” Armstrong said on the social media platform X. “Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper bitcoin transactions. Will take some time to integrate so please be patient.”
At the same time, the LN has been dealing with a great deal of criticism over the last few months. For instance, the Lightning Network is still considered beta software in 2023, and it’s been out for more than seven years. Some people believe the LN will never scale, and some businesses have dropped support for the second layer altogether. Despite the critiques, LN supporters believe that the second layer will be integral to scaling BTC to the masses. In July 2023, the LN’s capacity reached an all-time high, but since then, it has dropped more than 12% from the peak.
What do you think about Coinbase adopting the Lightning Network? Share your thoughts and opinions about this subject in the comments section below.
Coinbase CEO Brian Armstrong: The SEC Told Us ‘Everything Other Than Bitcoin Is a Security’
Brian Armstrong, CEO of Coinbase, the largest U.S.-based cryptocurrency exchange, explained how negotiations reached a standstill with the U.S. Securities and Exchange Commission (SEC). In a recent interview with the Wall Street Journal, Armstrong detailed the changes in how the SEC approached securities regulation and how the exchange has tried to work with regulators since day one.
Coinbase CEO Brian Armstrong on SEC Enforcement Actions: ‘Something Shifted About a Year Ago’
Brian Armstrong, the CEO of Coinbase, one of the largest U.S.-based cryptocurrency exchanges, explained the company’s journey before reaching a standstill in negotiations with the U.S. Securities and Exchange Commission (SEC).
In a recent interview with the Wall Street Journal (WSJ), Armstrong detailed the changes in the stance of the SEC regarding cryptocurrency enforcement and how the exchange finally came to face the government in court.
According to Armstrong, before the exchange was listed on Nasdaq in April 2021, the SEC reviewed its business model and greenlighted its application. Armstrong declared:
We go back to 2021, we wanted to become a public company, we described everything about our business, the assets that we list on our platform, how we do staking. The SEC at that point allowed us to become a public company.
However, things started to change. One of the first actions that Coinbase executed due to regulator feedback was the delisting of xrp from the exchange. Armstrong stated that, while the court case against Ripple is still pending, they wanted to collaborate with regulators and work with them.
About a year ago, “a totally different tone started to happen,” per Armstrong’s statements. He told the WSJ that:
We kind of got this information from the SEC that, well actually everything other than Bitcoin is a security. And we kind of said to ourselves well, that’s not our understanding of the law.
Possible Consequences of the SEC’s Actions
Armstrong commented that the company tried to work with the SEC, having more than 30 meetings with the organization during the last 12 months. While the SEC asked Coinbase “every question under the sun,” the exchange did not get regulatory clarity about how it could operate.
Armstrong stressed that the SEC’s strict and rigid posture is behind the current legal actions against the exchange, which Armstrong and many others believe are making crypto companies leave the U.S. On this, he stated:
The only sort of high-level statements they’ve made is that everything other than bitcoin is a security, which that’s not what it says in the law. That would also kind of mean the end of the crypto industry in the U.S.
What do you think about the statements of Coinbase’s CEO? Tell us in the comment section below.
Coinbase CEO Brian Armstrong: China Will Benefit From Restrictive US Crypto Policies
Coinbase CEO Brian Armstrong has stated China will be one of the biggest beneficiaries of how the U.S. is approaching cryptocurrency regulation. According to Armstrong, the current regulatory system drives cryptocurrency innovation offshore, while other countries like China embrace these technologies. Future generations will have to pay for these decisions, Armstrong believes.
Coinbase CEO Brian Armstrong Criticizes U.S. Stance on Crypto; States China Might Benefit
Brian Armstrong, CEO of Coinbase, one of the largest U.S.-based exchanges, has criticized the policies of U.S. regulators regarding cryptocurrencies, detailing the counterproductive effects that they might bring. In a recent op-ed article, Armstrong explains that while companies have repeatedly asked regulators to offer clarity regarding crypto, they have decided to regulate via enforcement instead.
According to Armstrong, this stance on crypto is currently driving innovation offshore, isolating the U.S. from retaining its technological leadership when it comes to developing financial systems deeply intertwined with the identity and “democratic values” of America.
Countries like the U.K., United Arab Emirates, Brazil, Japan, the European Union, Australia, and Singapore, are currently drafting regulations to become cryptocurrency hubs and attract companies. However, to Armstrong, China will be one of the countries to benefit most from this anti-crypto policy.
Armstrong stated:
The Chinese Communist Party is promoting these powerful, rapidly scaling platforms worldwide through its Belt and Road Initiatives, with its social credit system baked in. And with the recent launch of its digital yuan, China aims to directly challenge the U.S. dollar and its role in global commerce.
Repatriating Crypto Will Be Costly
Armstrong remarked on the importance of retaining cryptocurrency innovation capital in the U.S. by passing comprehensive and protective regulations designed to entice adoption and development. He declared:
Now is the time for Congress to seize the historic opportunity presented by crypto, and pass comprehensive legislation that safeguards consumers and fosters innovation.
“Crypto has the potential to play a significant part in stimulating the American economy and promoting democratic values worldwide,” he explained.
Concluding, Armstrong stated that if this continues, the next generation of Americans will pay the price of repatriating the crypto industry in the same way as the semiconductor and infrastructure industries.
The firm disclosed it had received a Wells notice sent by the U.S. Securities and Exchanges Commission (SEC) on April 27, criticizing this action and stating that the SEC could have stopped the firm from going public in April 2021. At the same time, the exchange started legal actions against the SEC for lack of clarity in regulations..
What do you think about Coinbase CEO Brian Armstrong’s opinions on crypto regulation? Tell us in the comments section below.
Coinbase CEO Brian Armstrong Expresses Concern Over Rumors of SEC Ban on Crypto Staking for Retail Customers
Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S. Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States. Armstrong insisted that “staking is not a security” and that the trend allows users to “participate directly in running open crypto networks.”
Coinbase CEO Vocalizes Worry Over US Stifling Crypto Staking and Innovation
Coinbase CEO Brian Armstrong said he has heard rumors that the U.S. Securities and Exchange Commission (SEC) plans to eliminate cryptocurrency staking for retail customers in the U.S. Armstrong shared his views on Twitter and stated that he doesn’t believe the top securities regulator should ban cryptocurrency staking in the country. “I hope that’s not the case,” Armstrong wrote, “as I believe it would be a terrible path for the U.S. if that were allowed to happen.”
Sharing a “primer” on the subject written by Paradigm, Armstrong stressed that staking is not a security. “Staking is a really important innovation in crypto,” the Coinbase CEO said. “It allows users to participate directly in running open crypto networks. Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.”
Armstrong argued that new technologies need to be fostered, not stifled, in the U.S. and that it is important for the country to have clear rules for financial services and Web3 industries for national security reasons. “Regulation by enforcement doesn’t work,” Armstrong said. “It encourages companies to operate offshore, as happened with FTX.” Not everyone agreed with Armstrong, as some quickly criticized staking and decentralized finance (defi). “It’s almost like defi and staking isn’t decentralized,” one person quipped in Armstrong’s Twitter thread.
Others poked fun at SEC Chairman Gary Gensler with a picture that included a quote that said: “Guess it’s time for more protection.” Another individual tweeted, “Realistically, the Howey test is so broad that pretty much everything is a security. The real test is whether the SEC wants to/feels like it can regulate the thing.” Armstrong hopes that the industry will work together to establish clear rules and “sensible solutions” that protect consumers while also “preserving innovation and national security interests” in the country.
What do you think about Brian Armstrong’s hearing rumors about the potential ban on cryptocurrency staking by the SEC? Share your thoughts in the comments below.
Bank of America Is Preparing for Possible US Debt Default, Says CEO Brian Moynihan
Bank of America is preparing for a possible U.S. debt default, says CEO Brian Moynihan. He is not a fan of eliminating the debt ceiling altogether as some lawmakers have proposed. Meanwhile, Treasury Secretary Janet Yellen says “every responsible member of Congress must agree to raise the debt ceiling.”
Bank of America CEO Brian Moynihan on Possible US Debt Default
The CEO of Bank of America, Brian Moynihan, talked about the prospect of the U.S. defaulting on its debt in an interview with CNN Monday as Congress is in conflict over raising the debt ceiling again.
While emphasizing that he hopes lawmakers resolve their issues, the Bank of America executive warned that defaulting on the country’s debt remains a possibility that cannot be ignored. He was quoted as saying:
We have to be prepared for that, not only in this country but in other countries around the world … You hope it doesn’t happen, but hope is not a strategy — so you prepare for it.
A number of lawmakers have proposed legislation that would eliminate the U.S. debt ceiling altogether. Moynihan is not a fan of the idea. When asked about whether the U.S. should eliminate its debt ceiling, the Bank of America boss said: “There’s got to be an argument about how we make sure we live within our means as a country … I think we should leave it alone and make sure it operates correctly.”
However, he conceded that the U.S. government had to take on “a lot of debt over the past couple of years to overcome the pandemic drag on the economy.” Moynihan added that Bank of America is still predicting a “mild recession” at some point in the future.
Janet Yellen Urges Congress to Raise US Debt Ceiling
Treasury Secretary Janet Yellen warned Monday that the U.S. government risks “economic and financial catastrophe” if Congress fails to pass a bill to raise the .4 trillion debt ceiling. She said in an interview with ABC Monday:
America has paid all of its bills on time since 1789, and not to do so would produce an economic and financial catastrophe … And every responsible member of Congress must agree to raise the debt ceiling.
The treasury secretary believes that the U.S. economy is not going to fall into a recession. “Last month, we created over 500,000 jobs, more than 12 million since the president took office, and inflation is coming down,” she said.
What do you think about the statements by Bank of America CEO Brian Moynihan and Treasury Secretary Janet Yellen’s debt ceiling warning? Let us know in the comments section below.
Brian Armstrong Will Sell 2% Of His Coinbase Holdings To Fund Scientific Research
It’s time for Brian Armstrong to make his move. While other billionaire CEOs try to buy bankrupt crypto companies on the cheap, the Coinbase leader is focusing his sights on hard science. To announce his new endeavors Brian Armstrong visited Tim Ferriss’ podcast. In that interview, he expanded on the deep topics that the companies he’ll fund deal with. Make no mistake, though. The real announcement was that Brian Armstrong is selling Coinbase stock.
I’m sharing this as I want you to hear it from me first.
— Brian Armstrong (@brian_armstrong) October 15, 2022
In a recent Twitter thread, the Coinbase CEO wrote, “I’m passionate about accelerating science and tech to help solve some of the biggest challenges in the world. To further this, I’m planning to sell about 2% of my Coinbase holdings over the next year to fund scientific research and companies like NewLimit + ResearchHub.” What are those companies and what do they do? Keep reading to find out.
Considering the alarming amount of crypto CEOs leaving their positions, it’s important that Brian Armstrong cleared this up. “For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also excited to contribute in a different way,” he tweeted.
What are the ideas that excite Brian Armstrong this much? Let’s find out.
Brian Armstrong ’s ResearchHub And NewLimit
So, Brian Armstrong will “fund scientific research and companies like NewLimit + ResearchHub.” What do those companies stand for, though? Well, ResearchHub is “a tool for the open publication and discussion of scientific research. Researchhub’s users are rewarded with ResearchCoin (RSC) for publishing, reviewing, criticizing, and collaborating in the open.” Interesting, an open think tank with a cryptocurrency component.
For its part, ResearchCoin is both a utility token and a governance token. “RSC gives users the ability to create bounties, tip other users, and gain voting rights within community decision making.” This is their Twitter account.
On the other hand, NewLimit is “treating age-related disease to extend human healthspan” and “developing epigenetic reprogramming medicines to treat diseases with large unmet needs.” This is their Twitter account. This one is in the life extension business, but the specifics are harder to grasp. Luckily, NewLimit offers a blog post authored by Brian Armstrong himself in which he goes deep into the topic at hand:
“NewLimit will start by deeply interrogating epigenetic drivers of aging and developing products that can regenerate tissues to treat specific patient populations. We will start by using primary human cells and reference species to develop machine learning models on what chromatin features change with age, which of these changes may be causal to the aging process, and finally develop therapies that could slow, halt, or reverse this process.”
In that same blog post, we learn that the company was “co-founded by Brian Armstrong and Blake Byers with the mission of extending human healthspan.” And thus, we figure out that Coinbase CEO is the money behind both companies.
The relationship between COIN and USDT on Bittrex | Source: COIN/USDT on TradingView.com
The Tim Ferriss Interview
To launch his new endeavors in the right way, Brian Armstrong went to the popular Tim Ferriss podcast. In it, he presented the reasoning behind his investments. “I think we’re kind of in this golden age of software where fortunes are being made. But some of that wealth, even in crypto, is now being directed into hard science, hard science problems, atoms, not bits,” he said.
As to what the company actually does, Armstrong explained that they’re trying to “build a platform that tests a lot of different transcription factors with different cell types and uses machine learning to do that in a virtuous cycle.” He also explained the entrepreneurial spirit behind the whole ordeal.
“We’re trying to help humans live much longer, not just a little bit longer. But I think in any good moonshot company, you want to have intermediate milestones along the way. And so the intermediate milestones are more like, could we get a specific type of cell to be rejuvenated and be younger?”
Thanks to @tferris who I recently spoke with about these interests: https://t.co/0EUdzICfVV
— Brian Armstrong (@brian_armstrong) October 15, 2022
About ResearchHub, the Coinbase CEO confirmed that it is “another company that I funded and tried to help get off the ground.” What does this one do?
“We’re trying to make it easy for people to sort through all of the millions of papers that are published every year to what are the most impactful. We’re trying to help get things like peer review, Q&A, comments, feedback around research to be more collaborative with people.”
And those are the ideas that Brian Armstrong will dedicate the next part of his life to. While at the same time serving as Coinbase’s CEO, of course.
Featured Image: Screenshot from this video | Charts by TradingView
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Brian Armstrong Says Crypto Can Beat Inflation, What Does The Chart Suggest?
The boss of one of America’s leading centralized crypto exchanges, Coinbase, explained that Bitcoin could become the new global gold standard. He believes that the digital asset can revamp America’s fighting chances against the oncoming challenge from China.
Brian Armstrong, the CEO, and Founder of the Coinbase crypto exchange, spoke about the broader crypto market during the months-long price decline and the way forward for the firm.
Armstrong also shared his view on Ray Dailo’s theory, explaining that the growth of cryptocurrency may spur a novel world order. Thus, the decentralized West can properly contend against the centralized East.
Using Crypto As A Hedge
Armstrong spoke about the ongoing bearish market relative to the ones before it in a recent interview with our sources. However, he highlighted that the current market trend displayed distinct features this time. According to him, the primary reason might be that digital assets are now more accepted and have more use-cases than in the previous bear market cycles.
Related Reading | Bitcoin Open Interest Falls As Price Dips Below ,000
However, sadly, there wasn’t any blow-off top happening to the prices of coins. This also implies that more than 85% of the tokens may never again hit their all-time high prices.
He also said that this distinction in the present cycle condition was partly a result of the macroeconomic environment that intensified the cryptocurrency bearish market. But, more importantly, investors and traders consider digital assets as unstable as risky tech stocks.
Crypto market chart follows the bearish trend | Source: Crypto Total Market Cap on TradingView.com
On another end, Armstrong explained that he believes the entire DeFi market capitalization needs to grow by over 5 to 10 times the current one before it can become a hedge against inflation. Besides the Coinbase CEO, many crypto pundits also believe in this same view.
Introduction Of Super App Wallet
Amid the ongoing bearish market, Coinbase’s boss said that his firm would aim toward innovation and creating new products. More importantly, the centralized exchange is developing a more sophisticated decentralized wallet with many advanced features, including a profile page, personal identity, and even reputation points.
Besides being a financial solution, the wallet could also be a social platform with sections for status and social feeds. Also, musicians and artists will not be left out as the wallet will allow them to showcase their artworks. He added that this next-gen capability of the super-app wallet covers why Web3 is the future of the internet.
Centralized And Decentralized Battle
Ray Dalio, a well-known hedge fund manager, popularly claimed that the current world order is controlled by the West. More specifically, America. However, he noted that there is a possibility of a change with the rising advancements from countries like China.
Related Reading | U.S. Macro Pressure Responsible For Entire Bitcoin Downtrend
While agreeing that the US is declining while China is rising, Armstrong stated that the future world order might no longer be “country-centric.” Armstrong believes that as Bitcoin becomes a contender for the new worldwide gold standard, it can skyrocket the western’s decentralized hemisphere.
Featured image from Pixabay, chart from TradingView.com
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Existing Financial Systems are Rigged, Says Fringe Finance CTO Brian Pasfield
The traditional finance world, or TradFi as we know it, lacks inclusivity. According to the data published and endorsed by the World Bank, only 69% of the world’s adult population has an account. Although financial inclusion is the enabler for seven out of the seventeen Sustainable Development Goals, 1.7 billion people are unbanked. Lack of inclusion stems from the entry barriers that the TradFi has itself cultivated in the form of unnecessary documentation needs, involvement of too many intermediaries and approvals in the process, and more.
The current financial structures are rigged, believes Brian Pasfield, CTO of Fringe Finance. In an interview with beINcrypto’s Alexandra Kons, Brian said that his observations held ground for other segments as well, including gold, commodities, silver, metals, energy markets, and so forth. He added that this “gave him a bit of an insight at how things operated at a global and macro scale.” Therefore, Brian believes, the decentralization of financial systems is not an option but a necessity.
A catalyst for decentralization
The 2008 global financial crisis was devastating, as it wiped off trillion from the United States economy. If we distribute these losses to all Americans, they would average at 000 per citizen. The crisis made it clear that the global financial ecosystem is under the control of a few financial institutions. At a global level, the combined GDP of all countries dropped by 4%, an effect still felt by the world a decade later.
However, amidst this chaos, no solution seemed like it could change the situation until Bitcoin aimed to take the world towards the path of decentralization. Bitcoin, a breath of fresh air, was truly independent, and its value wasn’t linked with the situation in any particular country.
Brian, too, realized the crucial differences between Bitcoin and the rest of the financial system. While talking about Bitcoin, he said to Alexandra Kons that “it represents opportunity. Its decentralization, uncensorability, a limited supply, ushered in a way to transfer value.”
He further added, “Of course, it (Bitcoin) is the first underlying component that will manifest into a truly decentralized and distributed world.” In addition, Brian sees Bitcoin as a perfect option for people to opt in for instead of being forced into by legacy centralized institutions.
The first layer of transfer of value
Bitcoin and other cryptocurrencies have started a revolution that isn’t stopping any time soon. Decentralized Finance, for example, is open and accessible, qualities rarely found in the financial services offered by centralized institutions.
Brian says, “in DeFi, people can take part in financial services, and they do not require any permission, and (it works) in a manner that is uncensorable and (lets them) access the whole host of financial services that otherwise they would not have been able to take advantage of.”
A new era?
The evolution of mechanisms around pseudonymous identity and reputation is a game-changer, believes Brian. He says it’s because “this usher in a new era where individuals and organizations, particularly DAOs, will now be able to undertake dispute resolution in a pseudonymous manner.”
He further adds that “dispute resolution will be based on maintaining users’ reputation because their reputation will be the largest part of the currency of their ability on a continuing and evolving basis within the decentralized domain.”
What this will do, then, is add a layer of force or compulsion, which they can use to enforce rules within the decentralized space. “Reputation will be a key driver for that,” says Brian.
Brian also explains that once these pseudonymous systems are established, people will be able to interact and access services within the decentralized web trustlessly. It will enable DAOs to interact among themselves and with users to hear and adjudicate disputes with real implications for users. The implications won’t be physical per se, but they will impact the reputation that a user will wish to retain.
Real-world example of reputation today
If we look at it from the perspective of an individual, it isn’t as if reputation is not already a part of the traditional financial space because it already is, and it is known as a “Credit Score.” Yes, a credit score is on similar lines to reputation, as it influences the chances a person will be able to avail of loans or not. But, credit scores serve the needs of exclusion rather than being vehicles of entry for a larger population. Reputation in DeFi is enabling rather than being prohibitive. It will open the way to uncollateralized loans and access other services on the web without any permission.
Image: Pixabay
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