Proponents of the cryptocurrency market have always been at the forefront of breaking the latest updates in the universe, through live streams and direct Ask Me Anything [AMA] sessions. The latest luminary to speak up is Brian Armstrong, CEO of Coinbase, who touched upon the different streams of revenue and Coinbase’s new avenues.
Armstrong stated that Coinbase believed in a system where both the company and the customers benefited. In his words,
“Just imagine a version of Coinbase out there purely focused on trading and that’s it. The system will be like the more you trade, the more money we make which is not something that we do. There really is a dark side to this hypothetical system as the customers actually lose money which is not our aim. The investors who buy and hold the assets and conduct long term trades are the ones that actually make money in this system.”
The Coinbase CEO asserted that he wanted Coinbase to conduct business in a fashion that boosts not only the world’s economy, but the cryptoverse’s as well. He also touched on the topic of taxes in the cryptocurrency space, but refrained from elaborating on it owing to legal concerns. Armstrong also responded to another user’s question about Coinbase’s entry into Canada. The Coinbase spearhead stated,
“We have always focused on adding more assets to our platform and expanding to more countries. The thing with Canada is that we had issues with the partner so we were forced to pull back and rethink our strategy. Fingers crossed, but we are planning for Canada soon.”
Brian Armstrong was in the news recently after he claimed that Bitcoin and other cryptocurrencies needed institutional investors to grow and mature. He even sided with the argument that having trusted custodians in the cryptoverse was “really important” to restore positive sentiment.
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Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
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