19 Jul 2021 11:11 AM +00:00

"Crypto is a much needed breath of fresh air": Coinbase CEO Responds To Dogecoin Co-Founder Criticisms of Cryptocurrency

The Coinbase CEO Brian Armstrong has responded to tweets by Dogecoin co-founder Jackson Palmer that blasted cryptocurrency.

In his own Twitter thread, Armstrong focused particularly on the ideas of government regulation and freedoms.

Here's what he said.

"An alternative for people who want more freedom"

On July 14, Palmer described cryptocurrency as "an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity."

Armstrong responded to Palmer's tweets, stating: "If you believe government solutions are often inefficient, overpromise/underdeliver, and come with unintended consequences, and that personal responsibility mixed with free markets will create better outcomes for everyone, then crypto is a much needed breath of fresh air."

"You have to remember, free markets are messy," he continued, before maintaining that personal choice is needed as it can "lead to better outcomes for everyone, even the poorest 10%."

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He then elaborated on this, linking to the Index of Economic Freedom and taking aim at accredited investor laws that he believes "often made it illegal to get rich via investment, unless you're already rich."

"Crypto is not going to solve wealth inequality - it's not trying to create the same outcome for everyone," Armstrong said, before adding it can create "wealth mobility and more equality of opportunity for everyone" to level the playing field.

Armstrong finished his thread by stating: "Crypto is simply providing an alternative for people who want more freedom."

Palmer has yet to respond to Armstrong, having not tweeted since his initial criticism of cryptocurrency on July 14.

Billy Markus, the other co-founder of Dogecoin, who remains active in the cryptocurrency community, also tweeted about Palmer's thread. Markus highlighted the existence of both good and bad actors in cryptocurrency.

"Making crypto itself a boogeyman for human greed and bad behaviour is as dull as blaming anything else," he said. Markus also said he did not want cryptocurrency to be politicised, describing its instead as "a tool" people use to make money.

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