Coinbase Responds to Dogecoin Founder's Cryptocurrency Cult Claims: "The crypto industry has provided wealth-building opportunities for many"

Dogecoin co-founder Jackson Palmer took to Twitter again on 7/15, expressing strong opinions. He believes that although the cryptocurrency industry claims to be "decentralized," it is still controlled by powerful and wealthy monopolies. Over time, these groups have developed the crypto space to the point of replacing the traditional centralized financial system. They use marketing and advertising to create a cult-like image of "get rich quick," attempting to extract money from the economy's downturn and naive investors.

Brian Armstrong, CEO of Coinbase, a prominent supporter of cryptocurrencies, responded to Jackson Palmer's thoughts.

Coinbase CEO: The Crypto Industry Has Provided Wealth Opportunities for Many

"It's all about how you think," said Coinbase CEO Brian Armstrong.

If you believe that the government is the solution to people's problems, then what the fiat system controls can offer a lot. However, if you believe that government solutions are often inefficient, over or under-promised, and lead to undesirable outcomes, then cryptocurrency can provide more space.

Brian Armstrong believes that the "free market" is inherently chaotic, where many bad ideas need to be tried and breakthroughs found, and people must make their own choices. History has shown that this can bring good results to everyone, even the poorest 10% can increase their income. Brian Armstrong, citing his article written in 2016 "How Digital Currency Will Change the World" and the world's economic freedom rankings, asks people if they want to live more economically free. Note: The higher the level of government intervention in the economy, the lower the economic freedom. The average value of various indicators can be calculated to obtain an overall index.

Brian Armstrong believes that Bitcoin is different from traditional securities; you don't need to be a professional investor to participate in early investments. Although Bitcoin cannot solve the problem of wealth inequality, it is not designed to achieve equality, but Bitcoin does create wealth mobility and give everyone a more equal opportunity.

Cryptocurrency is a Freedom of Choice

Brian Armstrong believes that ultimately everyone can choose the system that suits them best. For those who want to be financially controlled, the fiat system already exists. Cryptocurrency only provides another choice for those who seek freedom. Having the ability to choose is a good thing.

7/ 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.

— Brian Armstrong – barmstrong.eth (@brian_armstrong) July 15, 2021