Crypto alternate Coinbase is struggling because of the bear market however the agency’s CEO, Brian Armstrong, says they’re constructed for the long run.
Throughout an earnings call on Wednesday, Armstrong says that the business goes by a kind of tough durations within the crypto cycle.
“The narrative in crypto tends to flip each two years. It’s both irrational exuberance or despair. Neither one is true at any given time, however we’re in a kind of despair phases proper now.”
Coinbase’s fourth quarter and full-year 2022 report back to shareholders shows that the most important US-based crypto alternate misplaced $2.64 billion final yr. In 2021, the agency posted a web revenue of $3.62 billion.
Regardless of the dismal numbers, Armstrong says that the present surroundings may even be helpful for crypto-focused corporations like Coinbase.
He says past the noise and negativity, good issues are occurring within the crypto area.
“There’s a chance for builders who’re centered on this area like Coinbase.
You possibly can’t simply take a look at what occurred within the final yr or the final quarter.
The Bitcoin worth in January of 2023 is up 80% in comparison with the common worth in 2020. The variety of software program builders who work in crypto has doubled since 2020, and that’s an incredible predictor, I believe, of the place the longer term goes.”
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