Cryptocurrency’s position as a financial disruptor has been the result of operational consistency of the leaders in the ecosystem. Today, with mass adoption redefining the financial status quo, the technology is facing a new wave of resistance from governments, a clear indication of power struggle. Coinbase CEO Brian Armstrong, being part of the crypto-herd, summed up the decade-long roller-coaster ride in a recent interview.
“There’s been a series of milestones (for cryptocurrency) where people were scared of it, laughed at it thinking it’s a toy. Now they want to actually block it, and then eventually they’ll start to see the potential of it and slowly adopt it.”
Armstrong related this process to “stages of grief”, which requires legitimate crypto advocates to “periodically suit up” and meet government officials to improve crypto’s trust quotient. He also commented on President Trump’s recent tweet that dismissed Bitcoin and other cryptocurrencies for being “made out of thin air,” citing it as another cool milestone for the community.
Moving forward, Brian Armstrong proposed that Bitcoin’s decentralized approach and fiat currency centralized nature place them in two extreme sides of the spectrum, while a currency such as Libra stands in a gray area. Although Armstrong predictably supported Bitcoin as the long-term solution, he shared that having a basket of currencies will enable the smoothest transition into the crypto adoption.
Although Facebook’s Libra initiative has been heavily criticized by some in the crypto community, it seems like the best shot for crypto in terms of global adoption and breaking regulatory barriers.