Crypto exchange Coinbase is struggling as a result of the bear market but the firm’s CEO, Brian Armstrong, says they’re built for the long term.
During an earnings call on Wednesday, Armstrong says that the industry is going through one of those difficult periods in the crypto cycle.
“The narrative in crypto tends to flip every two years. It’s either irrational exuberance or despair. Neither one is true at any given time, but we’re in one of those despair phases right now.”
Coinbase’s fourth quarter and full-year 2022 report to shareholders shows that the biggest US-based crypto exchange lost $2.64 billion last year. In 2021, the firm posted a net income of $3.62 billion.
Despite the dismal numbers, Armstrong says that the current environment could even be beneficial for crypto-focused companies like Coinbase.
He says beyond the noise and negativity, good things are happening in the crypto space.
“There’s an opportunity for builders who are focused in this space like Coinbase.
You can’t just look at what happened in the last year or the last quarter.
The Bitcoin price in January of 2023 is up 80% compared to the average price in 2020. The number of software developers who work in crypto has doubled since 2020, and that’s a great predictor, I think, of where the future is going.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Coinbase CEO Brian Armstrong Says Crypto in ‘Despair Phase’ Amid US Exchange’s $2,625,000,000 Annual Loss appeared first on The Daily Hodl.
