Benzinga - Coinbase CEO Brian Armstrong has huge ambitions for where crypto could go in the future. These aspirations extend beyond price increases in Bitcoin or updates to different blockchains. Instead, he sees crypto as "a new form of sound money … it's almost like a return to a new gold standard that's digital," Armstrong told Bloomberg TV this week.
Armstrong detailed some of the largest ways in which he thinks crypto can have an impact on economic foundations.
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"It’s a nice check and balance that’ll help America with any of the issues there," he said. "It’s also digitizing the dollar, it’s making payments fast, cheap and global. It’s allowing artists to sell directly to their fans," ultimately leading to a call to action in terms of politics. He wants policymakers to "get the word out" about crypto and show Americans how it can be beneficial.
Armstrong also discussed the recent spot Bitcoin exchange-traded funds (ETFs). He said that the approvals have been "incredibly positive for Coinbase" as they are the custodians for 90% of the more than $12 billion of inflows that the ETFs have seen.
Armstrong also emphasized that Coinbase is more than just an institutional platform or even just a Bitcoin platform. It offers more than 100 cryptocurrencies and "can actually become people’s primary financial account in some cases."
Another pressing issue is spot Ethereum ETFs, which are currently being discussed at the Securities and Exchange Commission (SEC).
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"Ethereum ETFs very clearly should be approved and everybody deserves equal treatment under the law," Armstrong said. In terms of "equal treatment," he is referring to the Bitcoin ETFs, arguing that they set a precedent for other crypto ETFs. However, he believes that the issue has become highly politicized and likely will end in a drawn-out legal dispute.
One of the boldest remarks Armstrong made revolves around what he called the "Coinbase 500." This index, though still just an idea, would be the "top 500 coins by market cap," similar to the way that the S&P 500 index tracks the 500 or so largest public companies. This would be a useful and powerful index for investors seeking crypto exposure and diversifying the risks associated with any single coin. However, to get there, many more tokens would have to receive regulatory approval, which could take years.
Despite the amount of time that it could take for a "Coinbase 500" to take shape, Armstrong is willing to stick it out and believes in the future of crypto.
According to Armstrong, "87% of Americans, when you survey them, they say the current financial system doesn’t work for them." He believes that crypto is the answer to this issue and is continuing to push for adoption in Congress.
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