By: Isha Das
Coinbase CEO Brian Armstrong recently stressed the potential role of Bitcoin in advancing Western civilization through currency innovation in a discussion on social media. Armstrong highlighted Bitcoin's capacity to combat inflation, an issue often linked to traditional fiat currencies such as the Dollar, Yuan, and Euros. This stance indicates a shift towards viewing crypto as a complement to the dollar and a potential safeguard of long-term American interests. Armstrong advocates for a cohabitation of fiat and crypto and emphasizes the role of dollar-backed stablecoins in this transition.
Meanwhile, Visa under the leadership of Cuy Sheffield has been experimenting with crypto continually aiming to expand its presence. In other significant crypto news, Coinbase launched the 'Stand With Crypto' campaign, bringing together 2024 U.S. presidential election candidates to discuss blockchain technology and digital assets. Republican candidates Asa Hutchinson and Vivek Ramaswamy, along with Democratic candidate Dean Phillips, are confirmed to attend the forum in New Hampshire.
This influence of cryptocurrency and blockchain technology is not just confined to the U.S. Recently in El Salvador, former President Nayib Bukele, who was a proponent of Bitcoin and had been behind multiple government cryptocurrency buys, resigned from his position, which may affect the country's stance on crypto.
On one hand, Armstrong's support for Bitcoin and his attempt to familiarize politicians with crypto through forums may foster its integration into the current economic system. At the same time, Visa's experimentation under Sheffield suggests traditional financial firms are seeking ways to assimilate crypto practices, further promoting the merging of crypto with mainstream business practices.
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