Coinbase CEO Brian Armstrong is responding to a viral tweetstorm from Dogecoin co-creator Jackson Palmer, who recently offered a bleak outlook on Bitcoin and the entire crypto space.
Palmer, who created Dogecoin (DOGE) as a joke cryptocurrency with Billy Markus in 2013, asserted that crypto assets are designed to primarily “amplify the wealth of its proponents.”
“Despite claims of ‘decentralization,’ the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace.”
In response, Armstrong says that the technology behind cryptocurrency broadens access to opportunities and facilitates wealth mobility.
“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.”
The Coinbase CEO