The letter, written by Coinbase CEO Brian Armstrong, explains why this firm intends to avoid political and social distractions, and instead focuses on its core mission of creating an open financial system for the world.
The new direction has met with strong support in some quarters and pushback from others.
In a twitter Post To its 4.7 million followers, Dorsey argues that “bitcoin (aka crypto) is a direct activist against an irreversible and exclusionary financial system.” He said that the exchange cannot ignore social issues as it would leave its customers behind:
#Bitcoin (Aka “crypto”) is direct activism against an inseparable and excluded financial system that negatively impacts our society. * At least * accepts important and related social issues their customers have to face daily. It leaves people behind: https://t.co/0LMlF1qcmG
– Jack (@jack) September 30, 2020
Dorsey has long had an active involvement in the cryptocurrency space, and Twitter has been criticized in favor of progressives over conservative political views in its moderation process. But the urge for greater political engagement from Dorsey’s opinion was not well-received by the crypto community with a greater number of answers agreeing with Armstrong’s approach.
Mike Solana, vice president of venture capital firm Founders Fund, Did not agree with Dorsey opposed “a corporate trend away from political statements and dramatic displays of polarizing war culture war”. Solana contrasted this unconventional approach with Twitter’s business model, and suggested that Dorsey is “a man who makes millions of dollars fuel for political polarization.”
Adam Draper, son of famed crypto investor Tim Draper, is appreciated Coinbase approach, comparing Armstrong to Michael Jordan for his single-focus focus on advancing the virtual currency arena:
“This is thought leadership. When we all focus on a unified mission, we work. Bryan is Jordan in his prime right now. If anyone is selling shares of coinbase, I will buy. “
Dorsey however was not completely without support:
Wow @jack Just redeemed it: cryptocurrency is inherently about the social impact of finance and trust. These are ironic social issues, boycott of politics! https://t.co/J4oBViMhz0
– Harrihalpin (@harryhalpin) September 30, 2020
Coinbase has offered any employee who disagrees with Armstrong’s position a six-month separation package from the fundamentally. The email states: “It is always sad when we see teammates go, but it may also be the best for them and the company.”