Brian Armstrong, CEO of Coinbase, has released a file Statement on the current Bitcoin and cryptocurrency in general are of concern to a few people. He said he couldn’t predict what would happen in the near future, and he also warned about almost anything could is happening. So what does that mean?
Coinbase is moving up and down
The state of the cryptocurrency market is not doing well lately. Despite the recent bullish trend in the last weeks of August, Bitcoin appears to be struggling to maintain, once again, a position in the low-$20,000 range, which means the asset has lost more than 60 percent from its November 2021 high. ($68000). In addition, the entire space lost nearly $2 trillion in total valuation.
Many other digital currencies such as Ethereum are following in the footsteps of Bitcoin, and Coinbase CEO is concerned about what could happen in about 12 months. In his speech, he stated the following:
I can’t tell you what the world will be like a year from now. I think there will be margin pressure. Ultimately, it has to happen at some point because everything we build, you know, others, eventually you’ll build and it’s going to be a little bit more commoditised.
Coinbase is one of several companies that have gone through the factory in recent months. The company initially decided that 2022 — believing that the 2021 bull run would continue — would be the year when employees would grow to more than triple what they had over the previous 12-month period. However, things took a bad turn when Bitcoin started dropping like never before.
Clearly acknowledging the bears’ takeover, Coinbase had no choice but to freeze hiring. This was eventually followed by a full round of layoffs, with the exchange losing more than 18 percent of its employees.
Can things remain positive?
With Coinbase so tied to bitcoin as it stands, the exchange has struggled hard and is working hard to ensure it stays on its feet, which Armstrong is confident the company can do. Despite his initial words about gloom and doom, he remains mostly positive about the future and commented that Coinbase has been stuck in the worst canyons of the past. He said:
We have that saying inwardly, I like to repeat often, and it’s, you know, it’s not as good as it sounds, it’s never as bad as it seems. I think one of the reasons Coinbase has been so successful in the last 10 years is that we’re just trying not to focus on the ups and downs in the short term.
Coinbase is arguably the largest and most popular cryptocurrency exchange in the Western Hemisphere.
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