Coinbase CEO Brian Armstrong's Bold Fix for America's $39.7 Trillion Debt Crisis (Hint: It Involves Bitcoin.)
Can Bitcoin really solve America's debt crisis? Coinbase CEO Brian Armstrong thinks so, but the math tells a different story.
Overview
Coinbase (NASDAQ: COIN) CEO Brian Armstrong has diagnosed America's debt problem and prescribed a cure: The government should back the dollar with Bitcoin (CRYPTO: BTC), cap its own spending, and hope that AI-powered robots generate enough economic growth to bail everyone out over time.
His plan has the confident energy of a cryptocurrency exchange CEO recommending more cryptocurrency adoption. Funny how that works: When your favorite tool is a hammer, every problem looks like a nail.
Details
To be fair, Armstrong's fundamental diagnosis is solid. Treasury Department figures show total public debt hit $39.69 trillion as of July 24. On July 1, when Armstrong posted his analysis, it was $39.39 trillion. If you're keeping score at home, that's roughly $300 billion of new debt in a month, or about $100 billion added every nine days.
Source
Originally published at www.fool.com.