Overview
- During a World Economic Forum panel in Davos, Brian Armstrong countered Banque de France Governor François Villeroy de Galhau’s reference to Bitcoin’s “private issuers,” stating that Bitcoin is a decentralized protocol with no issuer or controlling entity.
- Armstrong argued that Bitcoin’s fixed supply and lack of a “money printer” serve as a check on government overspending, likening its role in uncertainty to gold’s historical use as a store of value.
- The discussion took place on a tokenization-focused panel where Ripple’s Brad Garlinghouse described the exchange as spirited and noted broad agreement that innovation and regulation are not inherently opposed.
- Debate widened to stablecoin yields, with Armstrong backing interest-bearing tokens for competitiveness and Villeroy rejecting yield for a digital euro, while Standard Chartered’s Bill Winters said tokens are less compelling as stores of value without yield.
- Coinbase’s policy push continued after it withdrew support for a U.S. Senate crypto market structure bill on January 14 over limits on interest payments, and a Cato Institute analysis later challenged several of Villeroy’s factual claims, including his timeline for the first CBDC.