Blockchain, the US-based cryptocurrency wallet, is adding up around 50,000 users every day to its existing user base in the backdrop of slumping values of cryptocurrencies.
Earlier in an interview with Bloomberg, Brian Armstrong, the CEO of Coinbase claimed that the platform was experiencing daily registration of more than 50,000 people. Many analysts saw the figure as an indication of an upswing in the interest of individuals for crypto assets. Some even considered it as a rebound in the cryptocurrency market.
However, eventually, Bloomberg revealed that the numbers were experienced during 2017 when Bitcoin rose by more than tenfold.
Peter Smith, the chief executive officer and the co-founder of Blockchain wallet, mocked the Bloomberg interview with Coinbase.
Peter, who is regarded as a proponent of cryptocurrency, tweeted that it is not Coinbase but Blockchain wallet that is noting a registration of more than 50,000 on a daily basis.
The responses following the tweet have been mixed. Some noted that Peter was hyping the figures to promote Blockchain wallet while others backed him up, stating that since Blockchain doesn’t currently support a fiat on-ramp so the figure may have some relevance.
Regardless of others’ perception about the tweet, it is a clear indicator that the industry is on an ascent.
Peter Smith has been considerate in his perception of the cryptocurrency and its market. The Blockchain CEO in his interview with Bloomberg expressed an opinion on the future of the crypto market in terms of price actions and fundamental indicators. He commented that the market could get into a phase of consolidation in the third and fourth quarter of the year.
Indicating to the past trends in the market, he said that the industry has noted “rapid increases and really rapid decreases” and forecasted that the industry may have to have “another slow consolidation” which may not culminate into a moderate or positive price consolidation until the next quarter.
Backing up his forecast, Peter stated that the root cause behind the previous cycles have been the spike in the regulatory clarity, bringing about countless developments made over past year as Bitcoin strives to penetrate into the mainstream of the financial industry.