Coinbase CEO Brian Armstrong is responding to a viral tweetstorm from Dogecoin co-creator Jackson Palmer, who recently offered a bleak outlook on Bitcoin and the entire crypto space.
Palmer, who created Dogecoin (DOGE) as a joke cryptocurrency with Billy Markus in 2013, asserted that crypto assets are designed to primarily “amplify the wealth of its proponents.”
In response, Armstrong says that the technology behind cryptocurrency broadens access to opportunities and facilitates wealth mobility.
The Coinbase CEO also says crypto suits libertarian-minded people who prefer a free-market economic system.
Armstrong adds that Bitcoin has generated riches for many people because it is not under the control of any government or regulatory authority. Government solutions, such as investor laws, are counterproductive and make it hard to obtain wealth through investments, according to Armstrong.