Tougher Times Ahead For Crypto-Skeptics

“We grow with Bitcoin,” says Brian Armstrong of Coinbase. The CEO uttered these remarks recently at Bloomberg Players Technology Summit in San Francisco referring to the fact that Coinbase has been adding customers as Bitcoin continues to gain traction.

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Per The Star Online, Coinbase was receiving and approving up to 50,000 requests from new customers a day last year. Coinbase Inc., is one of the world’s leading cryptocurrency exchanges with over 1,000 employees.

Bubbles and corrections

Many enthusiasts who have signed up as bitcoin customers have not made any money. It is surprising to them because the digital token had received, and continues to receive, a lot of hype in media circles. However, Mr. Armstrong is reported to ascribe this to the volatile nature of the crypto market. He says that, “This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.”

Certainly, this means that customers will have to manage their expectations and align them to the real world working of the market.

Beating the odds

CryptoGlobe has covered several high profile investors who have openly spoken of their disdain for digital tokens. Per the news outlet, Berkshire Hathaway CEO Warren Buffett and JP Morgan CEO Jamie Dimon have termed Bitcoin as “rat poison squared” and a “fraud”. While the JP Morgan steward has reportedly retracted his comments and apologized, the management of Berkshire Hathaway has remained adamant and has gone further to compare the flagship cryptocurrency to “turds” and “dementia”.

To this, the Coinbase CEO has expressed his views saying that the position of the investors is understandable and that it is natural for good investors to be very skeptical at the initial stages about putting their money in new technologies. However, if the rate at which new customers are signing up is anything to go by, Armstrong believes that it will get “harder to find cryptocurrency skeptics.”

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