Dogecoin creator Jackson Palmer believes the crypto industry is exploitative and criminal. Now responds Brian Armstrong, CEO of crypto exchange Coinbase. He says: Bitcoin has made many people rich.

More freedom, more prosperity

The crypto community is still discussing the harsh criticism of Dogecoin creator Jackson Palmer. He has been turning his back on the entire industry for quite some time – but only the day before yesterday on Twitter also explained why this is the case: In his opinion, cryptocurrencies were only created to bring the “financially desperate and naive” to their money. Everything would be controlled by a few very powerful and rich people, moreover, it would be impossible to conduct a” sincere debate”.

Having a debate – that’s what Brian Armstrong, head of the crypto exchange Coinbase, is apparently trying to do. On Twitter, he responds to Palmer’s tweets and devotes himself to his crypto criticism point by point. He says: Cryptocurrencies are like a” breath of fresh air ” for all those who believe that personal responsibility combined with free markets brings benefits for all people. Armstrong suggests: More economic freedom is better than less-and Bitcoin stands for exactly this economic freedom.

The CEO explains:

“The laws for eligible investors are a good example. They were created with the best intentions to protect ordinary people from fraud – a noble idea. But what was the actual result? They have often made it illegal to get rich by investing, unless one is already rich.“

If you want control, there is Fiat for you

This is partly responsible for why Bitcoin has ” made so many people rich.” Every ordinary citizen had the opportunity to invest early. Of course, cryptocurrencies like Bitcoin would not solve wealth inequality because the goal is not to “create the same outcome for everyone.” But, says Armstrong: cryptocurrencies create wealth mobility and more equal opportunities for all. Ultimately, everyone can choose the system that works best for them. For people who want more “control” around their financial life, there is already the fiat system.

Armstrong’s conclusion:

“Crypto simply provides an alternative for people who want more freedom. Everyone can make their own choice, and that’s probably a good thing.“

Dogecoin creator Jackson Palmer, of all people, could not benefit greatly from this freedom of choice: according to his own statement, he sold his entire Dogecoin stock and did not make a cent profit. Palmer in 2018:

“I made a lot of people rich, but I didn’t take any money with me. I can tell people that I created Dogecoin, which is fun.“

In the meantime, however, he doesn’t even seem to enjoy it anymore. You should not sell your coins too early.

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