Former Coinbase CTO Talks on Bitcoin During its 11th Year

So its been eleven years since bitcoin became a thing. Specifically, it’s been eleven years and three days as on the 3rd January many people will have ‘celebrated’ the birthday of the leading cryptocurrency. 

To commemorate the occasion, the former chief technology officer of Coinbase and the General Partner at Andreessen Horowitz, Balaji Srinivasan wrote a post titled, “Bitcoin becomes the Flag of Technology”.

Part of the post by Srinivasan read:

“Bitcoin [and crypto more generally] moves us beyond the implicit by expressing these values in a piece of code that doubles as an investment vehicle. The code speaks to the developers, the upside appeals to the investors, and the values encoded within speak to both. If you believe in these values, you tend to buy Bitcoin.”

The former Coinbase CTO goes onto make the argument that bitcoin is “ideological flag and a Schelling point.” So essentially what Srinivasan cites is that Bitcoin’s symbol is a representation of an idea. 

In another sense, Bitcoin has become a global ‘thing’ so to speak. Everyone will most likely have heard of the digital currency but still might be unsure on the capabilities of the asset. 

Srinivasan adds:

“For example, Jack Dorsey runs Twitter, Reid Hoffman founded LinkedIn, and Marc Andreessen and Peter Thiel are on the board of Facebook – but all of them are pro-Bitcoin. Similarly, Binance founder Changpeng Zhao and Telegram founder Pavel Durov are Chinese-Canadian and Russian expatriates respectively, and are also pro-Bitcoin.”

For more news on this and other crypto updates, keep it with CryptoDaily!