Bitcoin is a superior form of currency compared to gold, according to Brian Armstrong, the founder and CEO of Coinbase, America’s largest cryptocurrency exchange. Armstrong expressed his support for the US government’s shift towards a Bitcoin standard, a commitment that President Trump made upon taking office. Speaking at a recent World Economic Forum event co-organized by Business Insider, Armstrong stated, “It’s clear at this point that Bitcoin is a better form of money than gold.”
Armstrong highlighted several reasons why Bitcoin surpasses gold as a medium of exchange. He noted that Bitcoin, like gold, is scarce, but it is more portable and divisible. Moreover, Bitcoin has demonstrated higher utility and has been the best-performing asset over the past decade. Armstrong also emphasized the importance of governments holding Bitcoin as a store of value.
Armstrong further expressed his belief that, in the future, governments will hold larger reserves of Bitcoin than gold. According to the World Gold Council, governments held approximately 35,000 tonnes of gold in 2024, equivalent to $3.16 trillion. The United States is spearheading the adoption of Bitcoin as strategic reserves at both the federal and state levels. This bullish stance on Bitcoin has influenced other countries, with legislators in Chile, Poland, Switzerland, Hong Kong, Germany, and more advocating for similar approaches.
With the assumption that President Trump will fulfill his promise, cryptocurrency enthusiasts anticipate significant growth in the industry during his tenure. Senator Cynthia Lummis is leading the BTC front for Trump and is pushing for the establishment of a reserve through the Bitcoin Act.
Despite a 31% decrease in trading volume, Bitcoin is currently trading at $105,000, registering a 2.3% increase in the past day. The trading volume for the past 24 hours stands at $73 billion.
In addition to Bitcoin, Armstrong predicts four years of aggressive growth for the industry under President Trump, who has positioned himself as the “crypto president.” Armstrong characterized the previous four years as a hostile environment for the industry due to a lack of clarity and attempts by certain government officials to unlawfully restrict it. Fellow panelist Anthony Scaramucci identified Gary Gensler and Senator Elizabeth Warren as key figures responsible for this hostility, attributing their actions to the Democrats losing the presidency, Senate, and House.
Denelle Dixon, the head of the Stellar Development Foundation, echoed Armstrong’s sentiments, stating that she believes regulations in the US will become more favorable, allowing the industry to showcase its real-world applications and collaborate with traditional financial institutions. In an interview with CNBC’s Squawk Box, Armstrong reiterated the idea of a “new era” for Bitcoin under President Trump, expressing his hope that the first executive order related to cryptocurrency will direct government agencies to collaborate and establish clear rules.