Coinbase CEO Brian Armstrong criticised U.S. Senators Elizabeth Warren and Roger Marshall for attempts to marshal large banks against the crypto industry.
Senators Warren and Marshall now lobbying for big banks ?
Being anti-crypto is a really bad political strategy going into 2024
* 52m Americans have used crypto
* 38% of young people say crypto can increase economic opportunities
* just 9% of Americans satisfied with the… https://t.co/diawa3LOX5— Brian Armstrong ?️ (@brian_armstrong) December 19, 2023
\n«Being against cryptocurrencies is a truly bad political strategy for 2024. 52 million Americans use digital assets. 38% of young people say that cryptocurrencies can increase economic opportunities», he wrote.
Armstrong said that only 9% of Americans are satisfied with the current state of the country’s financial system. He also noted that cryptocurrency prices have surged about 90% since the start of the year.
The Stand with Crypto project is approaching 1 million supporters. Launched by the exchange in early March, the initiative aims to demonstrate the community’s demand for a balanced policy stance by authorities toward cryptocurrencies.
A day earlier, Coinbase published a report that recalled a digital-asset audience of 425 million people. Of these, 210 million use Bitcoin. The corresponding information is contained in the September report by Henley & Partners.
2022: Crypto is dead.
2023: 425M people around the world own crypto.The future isn’t just coming → it’s already here.
Find out how: https://t.co/077XAM2WA9 pic.twitter.com/A9dkP6mKKq— Coinbase ?️? (@coinbase) December 19, 2023
The same document states that there are six Bitcoin billionaires worldwide. Analysts also identified 88,200 individuals who own digital assets worth more than $1 million.
Coinbase also listed other arguments in favour of using cryptocurrencies:
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- More than 100,000 merchants worldwide accept payments in digital assets, including Visa and PayPal;
- In 2022, the on-chain volume of stablecoin transactions approached $9 trillion, more than Mastercard, Amex and Discover combined;
- Countries with low economic freedom — such as Argentina, Brazil and Nigeria — have among the highest rates of cryptocurrency payments usage;
- People working abroad send their earnings home via digital assets — roughly one in nine people worldwide depend on this;
- International financial centres — London, Switzerland, Hong Kong and Singapore — are becoming cryptocurrency hubs to compete for jobs and talent in an open global system.
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\n«Cryptocurrencies give people economic freedom by providing access to their own money and fair participation in the economy. […] Coinbase’s mission is to provide economic freedom to more than 1 billion people», the report says.
Earlier it was reported that Coinbase, Ripple, Circle, Kraken and other Bitcoin market participants allocated a total of $78 million to support the Fairshake political action committee, which advocates pro-cryptocurrency candidates for the U.S. presidency.
In June, Armstrong named the upcoming US elections a key moment for regulating digital assets.
According to the Grayscale report, the promotion of cryptocurrency candidates for the US presidency is driven by the forecast that Generation Z and millennials will constitute a substantial share of the electorate — about 44%. Young people trust traditional institutions less and are more inclined toward new technologies.