Coinbase co-founder and CEO Brian Armstrong used the company’s annual crypto-capital summit on June 12 to advance his most ambitious paper to date: The Bitcoin could eventually replace the dollar as a reference asset for the planet. “Bitcoin may be the world’s reserve currency,” Armstrong wrote on X. He retweeted clips of remarks on stage, expanding the words provided by hundreds of policy makers, investors and developers who gathered down Manhattan minutes ago.
Bitcoin may become the world’s reserve currency
On the stage, Armstrong reminded the audience that money is both a medium of exchange and a medium of store of value, praising the US dollar’s fixed stable stock (Stablecoins) as the first task to be completed “exquisite”, while arguing that the Fiat currency failed for the second time. “Democratic countries around the world are really trying to control their deficit spending,” he said.
If public finance worsens further, he continues: “I think Bitcoin will provide an important check and balance on deficit spending. If it gets out of control too much, people will escape it in times of uncertainty. In fact, this may end up being Bitcoin is the world’s new reserve currency.”
Armstrong’s reasoning depends on the 21 million strip limits of bitcoin’s algorithm, which, in his opinion, provides external braking for governments accustomed to monetization deficits. The subtext is the debt burden of the United States, now hovering around $37 trillion, and in the past 18 months alone, this number has expanded by nearly $4 trillion.
Armstrong has been warning that such a fiscal trajectory, if not resolved, could trigger global flights from sovereign currencies. In January, he published a blog post urging Washington to build a “strategic Bitcoin reserve” and joined other White House industry leaders in March for the first cryptocurrency roundtable.
Armstrong’s prediction landed on fertile ground. Just a few minutes ago, the Summit’s surprise keynote (pre-recorded information from President Donald Trump) highlighted how far Bitcoin goes from outsider code to headline macro policies. “My administration is working with Congress to pass the Genius Act to support the creation of dollar-backed stable stocks, and we will also work to create a clear and simple market framework that will allow the United States to rule the future of cryptocurrencies and Bitcoin,” Trump declared, “Honor” was seen as the first “crypto president.”
The White House has put hard muscles behind these words. On March 6, Trump signed an executive order to establish strategic bitcoin reserves and U.S. digital asset inventory, directing the Treasury Department to consolidate confiscated BTC and buy more coins, but to comply with budget neutral conditions. Recently, the executive director of the White House President Bones’s Digital Assets Advisory Committee revealed that the Trump administration will unveil the building of its strategic Bitcoin reserves “in a short time.”
At press time, BTC traded at $104,876.
Featured images from YouTube, charts from TradingView.com
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