These Two Billionaires Are Convinced that Bitcoin Could Become a World Reserve Currency

Brian Armstrong, the CEO of Coinbase, computer scientist, and entrepreneur Paul Graham have expressed their collective trust for the leading cryptocurrency Bitcoin, as they both highlighted its capacity for world domination. Both billionaires are asserting that Bitcoin has the capacity to become the reserve currency of the world.

Speaking at this year’s State of Crypto Summit, the Coinbase head highlighted the struggle faced by different governments in their attempt to contain deficit spending. 

He shares his optimistic outlook for Bitcoin as an alternative currency capable of containing the rise in deficit spending, adding that mass adoption is underway. The crypto billionaire further expressed confidence in this series of events, adding that it could position Bitcoin as a universal reserve currency.

“Democracies around the world are really struggling to get their deficit spending under control. I guess my crazy little idea is that I think Bitcoin is going to provide an important check and balance on deficit spending, and if it gets out of control too much, people will flee to it in times of uncertainty, and it could actually end up that Bitcoin is the new reserve currency of the world.” He asserted.

Paul Graham, who reacted to Brian Armstrong’s statement, explained that the driving force behind his decision to purchase Bitcoin in its early days was tied to the possibility that it would eventually become a global store of value. 

“When I first bought some (or at least talked to you about buying some) in 2013, that was the reason: as insurance against it becoming the world’s reserve currency.” He wrote.

When asked if his Bitcoin holdings were still intact, he responded in affirmation: “I assume so,” he wrote in a follow-up post. 

At report time, Bitcoin is valued at $105,566 per coin. The leading asset has managed to clear off weekly losses, although it remains to be seen whether selling pressure is contained throughout the weekend.