Comprehensive up-to-date news coverage

HomeNewsBusinessBrian Armstrong, CEO of Coinbase, predicts the crypto bear market will last...

Brian Armstrong, CEO of Coinbase, predicts the crypto bear market will last 12 to 18 months and aims to keep costs down.

Published on

Follow us on Google News for latest updates and information.

News Tech: Brian Armstrong, the CEO of Coinbase, stated that he anticipates the crypto winter to last between 12 and 18 months, but is also bracing for the potential that it could stay longer.

Nevertheless, Armstrong claimed in an interview with CNBC on Tuesday that the market slump is “not unprecedented” for the business. “As a corporation, we’ve gone through four similar cycles.

Coinbase COIN, -0.41% reported a net loss of $1.09 billion in the second quarter, compared to a net income of $1.61 billion in the quarter prior, as bitcoin lost nearly 55% year-to-date. According to Dow Jones market data, shares of the cryptocurrency exchange platform are down more than 70% year to date.

We’re only 10 years old. This one just happens to coincide with the broader macro environment coming down,” Armstrong said.

Visit our Video Center
“I do think there’s going to be margin compression, eventually it has to happen at some point because everything that we’re building, you know, others, eventually build it and it’ll become a little bit more commoditized,” Armstrong said.

Coinbase’s subscription and services generated 18% of its revenue in the second quarter, up from only 4% two years ago. For mergers and acquisitions, Armstrong said the company is “looking closely at every deal that’s happening right now.” They haven’t seen prices come down dramatically, “but we’re early in the cycle, and it’s not all about price,” Armstrong said.

 

Latest articles

Install the tvOS 16 Public Beta on Apple TV

The article explains how Install tvOS 16 Public Beta on Apple TV. With the...

Gavin Newsom, the governor of California, vetoed a crypto bill that could have changed the industry

News Tech: A crypto licencing and regulatory bill that was viewed as a...

A Virginia Beach developer is challenging the city’s funding decision for a surf park project

In Science and Space: Key financial information about the proposed surf park for...

Crowds visit NYC for bull action despite Crypto Bear Market

News Tech: About 2,000 people attended the Messari Mainnet Crypto Conference this week...

More like this

Install the tvOS 16 Public Beta on Apple TV

The article explains how Install tvOS 16 Public Beta on Apple TV. With the...

Gavin Newsom, the governor of California, vetoed a crypto bill that could have changed the industry

News Tech: A crypto licencing and regulatory bill that was viewed as a...

A Virginia Beach developer is challenging the city’s funding decision for a surf park project

In Science and Space: Key financial information about the proposed surf park for...

Crowds visit NYC for bull action despite Crypto Bear Market

News Tech: About 2,000 people attended the Messari Mainnet Crypto Conference this week...

How to Change Mouse Speed in Windows 11

Hello everyone, in this article we will show you how Change mouse speed in...

The Sebi chief is being questioned by the tribunal in the case of NSE and Ruchi Soya, which is owned by Patanjali

News Tech: Sebi chairman Madhabi Puri Buch appeared before a parliamentary panel on...