Here is the English translation with the specified terms:
"Economic freedom creates prosperity for all."
Author:
Brian Armstrong
Compiled by: TechFlow
In 2024, the American people expressed their support for economic freedom and the free market through the ballot box, re-electing Donald Trump as president. Canada also seems to be moving in a similar direction, led by conservative politician Pierre Poilievre. In 2023, President Milei of Argentina and President Bolsonaro of Latin America are also promoting this trend. In the UK, Starmer is trying to attract more voters by supporting technology and innovation policies; in Germany, Scholz is likely to be ousted in the near future due to fiscal policy mistakes that have led to an economic slowdown.
We are at a critical turning point in history:
the world is gradually realizing that some social forms may cause problems, and these theories have caused the greatest harm to the groups they claim to protect, with few successful examples in practice. However, some countries are still moving in the wrong direction.
Economic growth is driven by free markets, deregulation, small government, and technological innovation. These factors not only lower prices, but also create more job opportunities, increase tax revenue, and improve medical services. The effective way to lift people out of poverty and achieve universal prosperity is not socialism, but free market capitalism. If other G20 countries want to share the fruits of economic prosperity, they should embrace this growing trend of economic freedom and free markets.
At Coinbase, we are always committed to promoting the development of global economic freedom. Like freedom of speech or freedom of religion, economic freedom is the cornerstone of a prosperous society and civilizational progress. And we believe that cryptocurrencies are the key technology to drive global economic freedom.
However, economic freedom is gradually declining globally, and the economies of many countries remain constrained. Over the past 100 years, economic freedom has risen, but this trend has reversed since the early 21st century. Today, the average global economic freedom score has fallen to its lowest level since 2001. As a result,
the majority of economies globally are considered "mostly unfree" or even "repressed".
Why has the wave of socialism resurfaced recently? Why are these experiments repeatedly tried? It seems that human nature is always easily attracted to socialism, and each generation needs to relearn it through painful lessons. For some, this tendency may stem from a genuine desire to help others, but they are unaware that these policies actually harm the groups they are trying to help. For others, it may be a matter of exploiting people's ignorance to seize power, or a deep-seated hatred of humanity or themselves.
Regardless of the reason, history tells us that whenever humanity faces challenges, it can always find innovative solutions. From the printing press to the steam engine, from electricity to the Internet - each technological breakthrough has reignited economic vitality, given people more choices, and driven the progress of civilization. And cryptocurrencies will be the next chapter in this story.
Cryptocurrencies can usher in a new era of capitalism: the age of economic freedom.
Coinbase's
core belief is that
significantly increasing the adoption and use of cryptocurrencies can significantly enhance global economic freedom. This idea is based on the unique potential of cryptocurrencies:
to build a global economy driven by technology and people, rather than controlled by governments. In this system, anyone with an internet connection can participate, property rights are strongly protected, and the value of the currency can be maintained in the long term. This is not a distant dream, but a reality that cryptocurrencies are bringing to people today:
1.
Stablecoins: Stablecoins are a revolutionary application in the cryptocurrency field, with trading volume growing more than threefold year-over-year to around $27 trillion. The use of stablecoins has expanded from simple transactions to people's daily financial lives, especially in emerging markets, which are
global leaders in stablecoin adoption. For example, in Argentina,
5 million people actively use cryptocurrencies for daily payments, and in emerging markets, using the US dollar for savings has become the
second most popular use case for stablecoins.
2.
Free Trade: Cryptocurrencies, built on a global network, break down the constraints of intermediaries and national borders, greatly promoting free trade. Layer 2 can now complete global transactions in less than 1 second, with fees as low as $0.01, making cryptocurrencies the only payment method that simultaneously meets the three criteria of "fast, low-cost, and global". This technology unlocks unprecedented trade freedom for individuals and businesses. Compared to traditional payment services, cryptocurrency transfers are not only fast and inexpensive, but also have no limits on transaction frequency or amount. According to a Visa study, one of the main reasons people choose to use cryptocurrencies in Australia, Brazil, Germany, Hong Kong, South Africa, the US, and the UK is to enjoy transaction freedom and lower fees.
Here is the English translation of the text, with the specified terms retained and not translated:
Property Rights: Cryptocurrencies are providing secure and enforceable guarantees for property rights globally, replacing courts or intermediaries through code and cryptographic technology. Currently, over 5 billion people (about two-thirds of the global population) lack proof of ownership for their homes or land, and governments are trying to use cryptocurrencies to solve this problem. On the blockchain, ownership information cannot be tampered with, and smart contracts can automatically execute rights related to ownership, ensuring they are protected. For example, Georgia has already started migrating land registry information to the blockchain, and Sweden is also testing a land registration system based on cryptographic technology.
Free Access: Cryptocurrencies are breaking down borders and building a more inclusive global financial system. They not only allow people to retain more of their hard-earned wealth, but also enable them to utilize that wealth more fully. Decentralized Finance (DeFi) is fundamentally changing the accessibility of financial services. It provides equal opportunities for anyone with an internet connection, whether it's entrepreneurs in remote areas or the approximately 1.4 billion unbanked people globally, to participate in the global economy.
Today, the adoption and use of cryptocurrencies has reached a critical growth point. Currently, nearly 7% of the global population owns cryptocurrencies, and this trend is driven by people using them to solve real-world economic problems.
Original image from Brian Armstrong, compiled by TechFlow
How to Enhance Economic Freedom in 2025
World Leaders and Policymakers: Now is the time to embrace cryptocurrencies and technological optimism to drive economic freedom and human progress. This year, you can take the following four concrete actions:
Enact laws to support the thriving of cryptocurrencies locally. Cryptocurrencies are an emerging and unique technology and should not be constrained by outdated laws. Policymakers need to focus on developing clear and forward-looking regulatory frameworks that encourage this innovation to develop locally, rather than pushing it overseas. Otherwise, they risk being left behind by the times.
Establish a Bitcoin strategic reserve. Bitcoin has been the best-performing asset class since its inception and has gradually established its position as an important tool against inflation. Future global competition will focus on the digital economy, not space exploration. Bitcoin may become the foundation of the global economy, like gold, and play an important role in the balance of power between nations. In a world where Bitcoin holdings can affect the balance of national power, governments will compete to establish strategic Bitcoin reserves. This not only consolidates and enhances their domestic economies, but also positions them at the forefront of the digital age. Those who fail to act in time may gradually lose their competitiveness and footing.
Support economic zones to give innovators the freedom to boldly experiment with ideas. Experimental and innovative models like sandbox mechanisms can provide a safe environment for innovators to learn and grow through practice. Historically, we have witnessed the success of this model in cities like Shenzhen and Hong Kong. And new projects like Prospera, by embracing cryptocurrencies, have the potential to further accelerate the pace of innovation.
Improve government efficiency. As demonstrated by Argentine presidential candidate Milei and the cryptocurrency DOGE, we are recognizing that excessive government intervention often fails to effectively solve problems and instead becomes the problem itself. Regardless of who you are or where you are, cryptocurrencies can benefit you. Even if you don't directly use cryptocurrency-based financial services, you can still indirectly benefit. Cryptocurrencies are becoming a form of "checks and balances" from the public, addressing issues such as authoritarian governments, over-regulation, legal abuse, rising fiscal deficits, and stifled innovation.
The Responsibility of Everyone: We all have a responsibility to drive a new path of development, where innovators, technological breakthroughs, and free markets become the core drivers of economic growth, rather than relying on government intervention. We should actively embrace economic freedom and promote a more open policy environment. The progress and prosperity of society depend on our collective efforts.
