Coinbase's Brian Armstrong Says Bitcoin Is 'Helping The Dollar'—Here's How

Core Viewpoint - Bitcoin is perceived as beneficial for the U.S. dollar by providing a check against excessive deficit spending and inflation, according to Coinbase CEO Brian Armstrong [2][3]. Group 1: Bitcoin's Role and Impact - Armstrong suggests that Bitcoin serves as a pressure relief valve for the dollar, creating competition that may help extend the American economic model [3][4]. - He notes that stablecoins also contribute positively by dollarizing economies that have a high demand for the U.S. dollar [3]. Group 2: Current Market Performance - Despite its potential, Bitcoin has not performed as a safe-haven asset in 2023, with a decline of over 11% year-to-date, while gold and silver have seen significant increases of over 65% and 140%, respectively [5]. - Analysts attribute Bitcoin's struggles to its relatively young history and lack of demand from central banks, which contrasts with gold's established status [6]. Group 3: Future Outlook - There is optimism regarding Bitcoin's future, with predictions that it will mature as a store of value when its market capitalization reaches half that of gold, which is currently around $1.8 trillion compared to gold's $30 trillion [7].