Coinbase chief executive Brian Armstrong clashed with French central bank governor François Villeroy de Galhau over Bitcoin at the World Economic Forum in Davos.
The exchange centred on Bitcoin’s role in the global monetary system and trust in fiat currencies.
“Bitcoin is the greatest accountability mechanism on deficit spending,”
Brian Armstrong said.
Villeroy argued that public control of money is essential to democracy and financial stability.
“If we lose public control over money, you lose a key function of democracy,”
François Villeroy de Galhau said.
Armstrong said Bitcoin acts as a hedge in countries facing high inflation, capital controls and currency instability.
“Bitcoin is good as a check and balance on deficit spending,”
Brian Armstrong said, citing inflation in Argentina, Turkey and Nigeria.
He argued that Bitcoin’s fixed supply makes it comparable to gold during periods of economic uncertainty.
“Bitcoin doesn’t have a money printer,”
Brian Armstrong said, adding that its supply cannot be manipulated.
Villeroy rejected the idea of a Bitcoin-based monetary standard and defended the role of central banks.
“I trust more independent central banks with a democratic mandate than private issuers,”
François Villeroy de Galhau said.
Armstrong countered that Bitcoin has no issuer and is more independent than any central bank.
“There’s no country or company or individual who controls it,”
Brian Armstrong said.
The debate highlighted a widening divide between central bankers and crypto advocates.
At the time of reporting, Bitcoin price was $89,618.36.