The head of one of America’s leading centralized cryptocurrency exchanges, Coinbase, explained that Bitcoin could become the new global gold standard. He believes that the digital resource can renew America’s fighting possibilities against the challenge coming from China.
Brian Armstrong, CEO and founder of the cryptocurrency exchange Coinbase, spoke on the broader cryptocurrency market during the month-long price drop and on the way forward for the company.
Armstrong also shared his take on Ray Dailo’s theory, explaining that the growth of cryptocurrency could spur a new world order. Therefore, the decentralized West can conveniently fight against the centralized East.
Using cryptocurrencies as a hedge
Armstrong talked about the ongoing bear market versus previous ones in a recent interview with our sources. However, he pointed out that the current market trend has shown distinct characteristics this time around. According to him, the main reason could be that digital assets are now more accepted and have more use cases than in previous bear market cycles.
Related reading | Bitcoin’s open interest drops when the price drops below $ 31,000
Unfortunately, however, there was no love at first sight for the coin prices. This also implies that over 85% of tokens may never hit the highest prices of all time again.
He also argued that this distinction in the current cycle condition was partly a result of the macroeconomic environment which intensified the cryptocurrency bear market. More importantly, investors and traders view digital assets as unstable as tech stocks are risky.
On the other hand, Armstrong explained that he believes that DeFi’s entire market capitalization must grow more than 5 to 10 times its current size before it can become an inflation hedge. In addition to the CEO of Coinbase, many cryptocurrency experts also believe in this same vision.
Introduction of Super App Wallet
Amid the ongoing bear market, the Coinbase boss said his company will aim for innovation and new product creation. More importantly, Centralized Exchange is developing a more sophisticated decentralized wallet with many advanced features, including a profile page, personal identity, and even reputation points.
In addition to being a financial solution, the wallet could also be a social platform with sections for status and social feeds. Furthermore, musicians and artists will not be excluded as the wallet will allow them to display their works of art. He added that this next-generation feature 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 precisely, America. However, he noted that the potential for change exists with the increasing progress of countries like China.
Related reading | US macro pressure is responsible for Bitcoin’s entire downtrend
While agreeing that the US is in decline while China is on the rise, Armstrong said the future world order may no longer be “country-centered”. Armstrong believes that when Bitcoin becomes a contender for the new world gold standard, it can skyrocket in the western decentralized hemisphere.
Featured image from Pixabay, chart from TradingView.com