The cryptocurrency market hasn’t had the best month this August, with prices struggling across the board. The majority of altcoins have suffered almost 50 percent losses over the past month with only Bitcoin (BTC) doing slightly better with 25 percent losses.
However, despite the shocking market downturn, popular cryptocurrency trading platform Coinbase reportedly handled $150 billion worth of cryptocurrency transactions in the past year.
In an interview with Bloomberg, CEO Brian Armstrong spoke of the current market struggles which he sees as normal “bubbles and corrections” and notes how the company is now signing up 50,000 new users a day as opposed to 5,000 during the last market correction.
Despite continued rejections by the U.S. Securities and Exchange Commission (SEC) regarding upcoming Bitcoin exchange-traded funds (ETFs), Armstrong believes the SEC is positive about cryptocurrency and is simply treading carefully at this time.
Buffet and Dimon wrong
In response to a question about whether Jamie Dimon and Warren Buffet are wrong in their opinions on cryptocurrency, Armstrong replied: “Yes, they’re wrong”.
Billionaire investor Warren Buffet famously called cryptocurrency “rat-poison squared” earlier this year, prompting a minor market slump. Jamie Dimon, CEO of JPMorgan Chase, has been vocal about his distrust of cryptocurrency although admitted recently that blockchain technology will be very useful.
Armstrong also notes how it is becoming contrarian to be a crypto-skeptic these days as opposed to a few years ago when he says as many as nine out of 10 people he met were skeptical about cryptocurrencies.
In conclusion, Armstrong spoke of the benefits cryptocurrency can offer to countries like Venezuela that is suffering an economic crisis. Coinbase has launched a non-profit site called givecrypto.org to help provide small cryptocurrency donations to citizens in struggling countries.
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