Coinbase and BitGo CEOs Call for Constitutional Amendment Backing Crypto as Hard Money

Coinbase CEO Brian Armstrong has publicly called for amending the U.S. Constitution to establish a cap on government spending and mandate a hard-backed currency, pointing to crypto as a viable monetary foundation amid a national fiscal debt that has reached $39.4 trillion.

Armstrong stated that the U.S. Constitution, while representing the most significant political innovation in history, lacks two critical provisions: a ceiling on government spending growth and a requirement for hard-backed currency. He warned that without these guardrails, democracies inevitably drift toward mounting debt and the eventual erosion of reserve currency status. According to Armstrong, the fiscal debt is currently growing at approximately $1 trillion every 100 days, a pace he attributed to a structurally broken political incentive system.

BitGo CEO Mike Belshe publicly backed Armstrong's position, drawing a parallel to the Bill of Rights. Belshe argued that just as the Bill of Rights protects citizens from government overreach into speech, property, and liberty, a new constitutional provision should shield citizens from monetary debasement by the government.

Critics were quick to note that the Constitution currently permits only gold and silver coins for settling debts, a limitation Armstrong acknowledged — which is precisely why he is advocating for a formal amendment to broaden the definition of legally recognized money.

Bitcoin's hard-coded supply cap of 21 million coins has long been cited as a potential digital alternative to gold. The two assets have demonstrated a notable price correlation, functioning as macro hedges during periods of geopolitical stress, including the West Asia crisis, when simultaneous demand drove both valuations higher. More recently, gold and Bitcoin prices have moved downward in tandem as tensions in the region showed signs of easing.

The U.S. dollar has lost approximately 97% of its purchasing power since 1913, with the decline accelerating after 2000. Over the same period, Bitcoin's price has climbed from below $1 to above $50,000.

The Trump administration has also expressed interest in a strategic Bitcoin reserve and the use of stablecoins as tools to manage national debt. However, asset manager VanEck projected that a Bitcoin reserve could realistically offset only 18% to 36% of U.S. debt by 2049. That projection is contingent on the government holding 1 million BTC and the price rising from $250,000 to $43 million per coin before 2050.

Armstrong also highlighted artificial intelligence and robotics as the most promising drivers of economic growth going forward, suggesting that technological productivity gains could complement fiscal reforms in addressing long-term debt sustainability.

While the crypto-backed currency proposal has drawn notable industry support, analysts broadly agree it addresses only a fraction of the debt problem under even the most optimistic price scenarios. A constitutional spending cap, rather than a monetary peg alone, is seen by some as the more actionable near-term measure.