Brian Armstrong, Coinbase’s CEO is of the firm opinion that BTC could well become the world’s new gold standard. Coinbase is one among many of America’s centralized exchanges dealing in crypto. According to Armstrong, digital assets will play a key role in reshaping the prospect of America’s fight against China.
Brian Armstrong also talked about the wider crypto market and what to expect especially with long term price drops. He also offered his ideas on how Coinbase intends to move forward. While talking about Ray Dalio’s theory of how crypto could inspire a new world order, he said that the decentralized west can do well against centralized eastern economies.
According to Armstrong’s ideas on the current bearish market, he said that the current trend has very distinctive features. He thinks that the main reason is that digital assets are more accepted. There are also a lot more use cases compared to previous bear cycles in the market. BTC prices have dropped below the $31,000 mark and there hasn’t been a corresponding jump in other coin prices. This is a good indicator that 85% of coins may never touch all-time highs ever again.
Armstrong said that this divergence in the current market cycle is due to the macro-economic atmosphere which played a key role in the bearishness for crypto. He said that traders as well as investors treat digital assets to be just as volatile as tech stocks, which are risky.
Given the current bearish conditions, Coinbase’s CEO says that his firm is involved in creating innovative and new products. He says that his company is working on a sophisticated wallet which will be decentralized and have a lot of advanced features. Armstrong did agree that China’s growth is strong, and the US is experience a decline.