February 5, 2023

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Brian Armstrong, the CEO of Coinbase, one of the biggest crypto exchanges out there, recently commented on the possibilities of the crypto market bouncing back in the nearest future. Many people have very optimistic views of the last quarter of 2022 and believe that there is a chance that the current slump will end by winter.

However, Mr. Armstrong told CNBC that he was not expecting any uptrends. The company is preparing for a very long period of bearish movement and losing value. He noted that they hope for recovery within 12 — 18 months, but that such optimistic scenarios are unlikely given current economic circumstances globally.

Coinbase survived 4 different slumps over the last decade and managed to stay afloat while constantly growing its client base and proving that it is a reliable platform that caters to the US audience. Armstrong added that such experience will not disappear into nothingness and that the company is focused on building new financial products to ensure that it will be fine during the next decade.

Simultaneously, the company is severely cutting back on marketing and services offered by AWS. Coinbase recently made news by firing over a thousand employees and announcing that it plans to cut down its staff even more by the end of the fall. Coinbase also paired up with BlackRock to create new financial products and expand its investment opportunities while offering its platform to one of the biggest institutions in the US.

What does it mean?

In short, Mr. Armstrong was quite clear in terms of his expectations. He believes that we are headed for a long crypto winter with recent developments only a taste of what’s to come. He is also ready to put the money where his mouth is by doing everything in his power to secure a better financial future for his company even amidst a downtrend across the industry.

So, be ready for a harsh period of losing value if you are holding any crypto. Long-term holders of BTC and ETH should be fine, but many speculators may lose even more with their leveraged bullish positions.

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