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Monday, May 29, 2017

Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies

Coinbase CEO: Digital Currencies Like Bitcoin Will Become Reserve Currencies

At the Token Summit held on May 25, 2017, at the NYU Stern School of Business in New York City, Coinbase CEO Brian Armstrong noted the possibility of digital currencies and cryptocurrencies such as Bitcoin replacing reserve currencies such as the US dollar.

Over the past year, Bitcoin has shown a meteoric rise in value. Year-to-date, Bitcoin has already recorded a 375 percent increase in price, surging from the $900 region to $2,400. Analysts have attributed this recent surge in the price of Bitcoin to the growing global awareness toward Bitcoin as a safe haven asset and digital gold.

Both casual and institutional investors consider Bitcoin as a safe haven asset due to its decentralized nature and independent network. Within the peer-to-peer Bitcoin network, users can send and receive transactions without the existence of intermediaries and third party service providers. Because of this financial independence which Bitcoin represents, analysts and investors have recognized Bitcoin as the alternative to today’s existing banking and financial systems.

More importantly, mainstream media, prominent entrepreneurs and high-profile investors have suggested the possibility of Bitcoin potentially replacing reserve currencies in the future by providing an independent, transparent, decentralized and secure financial network for users.

Full story at http://bit.ly/2s5yhRJ

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