Brian Armstrong, CEO of Coinbase, has warned that unless the United States controls its financial deficit and its escalating debts, Bitcoin (BTC) can eventually replace the dollar as a backup currency in the world.
Armstrong stressed that strong America is still necessary for global stability, but the high financial deficit and increased debt threaten both the US economy and the control of the long dollar in international financing.
“I love bitcoin, but strong America is very important to the world. We need to control our financial resources,” Armstrong said.
Why is the state of the dollar reserve?
The role of the US dollar as a global reserve currency supports a lot of international financial system. It provides liquidity, supports large and stable cabinet markets, and is widely used in global trade and finance. This hegemony enables the United States to borrow at lower costs and operate the deficit with less immediate economic pain.
However, contracts for high public debt pushed the levels of past US debt 36 trillion dollarsNow it exceeds 120 % of the gross domestic product. Expectations warn that this may exceed 44 trillion dollars by 2028, as the debt rate increases to GDP.
Such an in sustainable debt risk inflation, undermines confidence in American assets, and eventually threatens the state of the dollar reserve – the cornerstone of global economic stability.
Historical context: currency and debt courses
The clearer Armstrong This history shows empires and their currencies rises and decreases with financial discipline:
“If you are studying history, the changing global system – with different empires that has a backup currency in different moments – outperforms the currency from hard goods, the inevitable story is that it is printed and expanded.”
He warns that the process is not surprising but gradually, as it is similar to “slowly cooked frog”, as the points are historically escalated from 150 to 200 % of debts to gross domestic product, as economic problems escalate.
Bitcoin as a new backup asset
Fixed Bitcoin supplies and decentralized nature make it a unique alternative. It is increasingly seen as “digital gold” and appeals to Bitcoin as a hedge against inflation and mismanagement.
Note Armstrong:
“If the debt mode is not fixed, the bitcoin will eventually have to become backup – for the better or worse.”
Armstrong praised the coding and obstetric legislation managed by the current encryption administration, but he warned that “Congress needs spending under control of the preservation of this American experience.”
Organization: a road to the prevailing adoption
Unlike fears, Armstrong sees the organization positive:
“Organizational clarity will be a huge blessing for encryption. We are actively working with policy makers to pass legislation such as Stablecoin and the Clarity Law. Clear rules expand the market and attract institutional investors and retail trade.”
Risks and criticisms
While Bitcoin’s height is noticeable, critics warn of fluctuations, expansion, energy consumption, and the feasibility of replacing the dollar given its firm global role and network effects. The transition to a historically new reserve currency takes decades and depends on geopolitical and economic transformations.
Armstrong recognizes these complications, but stresses that ignoring irresponsible debt trends risk a greater economic turmoil.
As the path of America’s debt exacerbates, the idea of Bitcoin that replaces the dollar is no longer just a margin encryption – it has become a serious point in the discussion between policy makers, economists and investors alike.
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