In an interview with Bloomberg, CEO of Coinbase, Brian Armstrong, made a statement wherein he compared the cryptocurrency bubble to the internet bubble. The co-founder of the largest cryptocurrency exchange spoke about his experiences earned while being in the incipient crypto industry.
Armstrong started by looking back at his journey so far in the industry and exclaimed while calling it an “organisational chaos”. He went further talking about the lessons learnt during his time in the crypto market and was quoted as saying, “Every year there’s another thing to learn, a new skill set whether it’s like fundraising or learning how to manage … more effectively or even now we have a number of offices around the world, six or seven. So just communication across the global workforce and all these things. I’m definitely learning on the flight.”
In addition to that, he talked about the prices of digital currencies, especially Bitcoin (BTC) which has taken a significant dive recently to the level of $6000 from its all-time high of $19700 back in December last year. Brian justified the change by saying that the cryptocurrency is undergoing correction bubbles. He elaborated his statement and said that the virtual currency had already gone through some 4 to 5 bubbles which had resulted in an abnormal price rise, but the price saw some correction afterwards. Therefore, bitcoin is moving in a cyclical manner and has only hit a plateau at the moment.
Coming to the end of the interview, Brian talked of the crypto bubble saying it was similar to the internet bubble which had taken over the world in 2001. He went on to tell Bloomberg how Coinbase started off with just 500 users which grew to 5000 and then to 50000 due to the bubble correction. He explained his juxtaposition saying, “The internet went through this crazy bubble where everybody’s expectation was way ahead of the actual value and it crashed down but a lot of companies got started off as well … companies like Facebook which later turned out to be a very big company. So the same thing is happening, like people’s expectations are all over the map but I think the real world adoption usage is pretty steadily increasing.”
Coinbase is the largest digital exchange in the United States. The organisation, under the leadership of Brian Armstrong, has managed to expand boasting of 1000 employees over the period of six years.