Coinbase CEO Sees Crypto as 'Hard-Backed Currency' for US Debt

Coinbase CEO Brian Armstrong has proposed using cryptocurrency as 'hard-backed currency' to address the growing issue of U.S. government debt, which has reached $39.4 trillion.

Armstrong believes that crypto can help prevent inflation and unchecked government spending by providing a stable store of value. He also suggested that artificial intelligence and robotics could be key drivers for future economic growth.

The current 'political incentive structure' is largely to blame for the increasing debt, Armstrong said. Every 100 days, the U.S. fiscal debt grows by $1 trillion.