During the Coinbase Annual Summit in New York, Coinbase CEO Brian Armstrong warned about the ramifications of rising government debt, which could lead to Bitcoin becoming the world’s reserve currency.
Armstrong stated that it’s no coincidence bitcoin prices are reaching record highs as US debt hits all-time levels.
The Coinbase CEO said, “One thing that is clear is that democracies around the world are having trouble getting deficit spending under control… If you study history … once you decouple currency from hard commodities, the inevitable story is they get overprinted and extended, right?”
“I want the US to remain the reserve currency status. But if the debt situation doesn’t get fixed, I do think that eventually bitcoin will have to become the reserve currency for better or worse. It’s not going to be the Chinese RMB because I think they have their own debt problems.”
At the Summit, the Coinbase CEO also announced a new partnership with American Express to launch the Coinbase One Card. This credit card will offer up to 4% back in Bitcoin for every transaction and is expected to be available in fall 2025.
By CEO NA Editorial Staff
