In a recent social media post, Coinbase CEO Brian Armstrong has stated that crypto helps to inject economic freedom and capitalism into every country in the world.
"If we want greater prosperity, especially for the poorest people in society, we need more capitalism, and less socialism," the Coinbase head said.
Is it that simple?
Armstrong has quoted popular economics blogger Noah Smith, who has compared the development of Venezuela and Poland.
Venezuela implemented policies of nationalization and state control under Hugo Chávez, which stifled its oil industry and other vital sectors of the economy. As a result, the country has faced hyperinflation, mass emigration, shortages, and so on.
In the meantime, Poland implemented a set of privatization and liberalization reforms following the fall of the Soviet Union, experiencing steady economic growth.
However, some naysayers argue that Poland's example is actually misleading, given that the country has secured billions of euros worth of subsidies from Germany and other EU members on an annual basis.
Moreover, the Central European country still has a lot of socialist policies, such as free education, free healthcare, and various other social protections.
Socialism in New York
The debate comes after extreme socialist Zohran Mamdani was elected as the new mayor of New York. Roughly 9% of the entire city stated that they would leave the financial capital of the world if Mamdani were to spearhead it.
There are persistent concerns about the tax base eroding due to high-net-worth individuals leaving the city.
As reported by U.Today, Robert Kiyosaki, the author of "Rich Dad Poor Dad," previously urged investors to protect themselves with Bitcoin and Ethereum following Mamdani's victory.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team