Controversial Statement Of Dogecoin Creator, Coinbase CEO Responded

Recently, a tweet from the co-founder of Dogecoin Jack Palmer giving a clear overview about bitcoin and also about the entire crypto space, has taken Twitter followers in a discussion with Brian Armstrong, the CEO of Coinbase, also responded.

Dogecoin (Doge) the cryptocurrency that came into existence as a joke, was created back in 2013 by Jack Palmer and  Billy Markus, the coin was designed and created with a motive to “increase the wealth of its patrons.

“Crypto is not going to solve wealth inequality. It’s not trying to create the same outcome for everyone. But it does create wealth mobility and more equality of opportunity for everyone. It levels the playing field, at least to some degree.”

Palmer

While in response to this Armstrong said that the technology on which cryptocurrency works helps facilitate more opportunities in wealth mobility.

“If you believe that government solutions are often ineffective, highly unprotected/undeveloped, have unintended consequences and that personal responsibility with free markets will yield good results for everyone, crypto is the necessary relief for fresh air.”

 Armstrong says

Armstrong further added that bitcoin has created wealth for many because it is not controlled by any government or regulatory authority. Armstrong argues that government solutions, such as investment laws, generally have a negative outcome and thus it is also difficult to get rich through investment in traditional schemes/assets.

According to Armstrong, “Recognized investment rules are a good example for investing. Although they were created with the best intentions to protect ordinary people from economic threats which is indeed a great step. But also questioning the real outcomes that why If you are not already rich, it is often illegal for them to become rich by investing.

This is part of why Bitcoin has made so many people rich. It is not a security, so it can be invested in front of ordinary people who are seeking opportunities.

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