Talking at Coinbase’s Q1 earnings name, Armstrong stated:
“In my thoughts, this [crypto] is just a little bit just like the early days of the Web, the place you noticed the beginning of e-commerce within the late ’90s or early 2000s, and now quick ahead 20 years, e-commerce, I believe, is one thing like 15% of worldwide GDP.”
“And I believe if you happen to quick ahead 20 years from right here, the crypto financial system goes to symbolize most likely a big portion like that, 15% of worldwide GDP.”
He additionally famous that the majority corporations would find yourself utilizing crypto not directly sooner or later, identical to they needed to undertake the web.
Coinbase in bear market situations
Within the final seven days, the overall market cap misplaced greater than 33% of its quantity, equalling $570 billion. Some say the bear market is formally right here. Particularly after the LUNA disaster, the general market sentiment took a pointy unfavorable flip.
Coinbase’s Q1 earnings report additionally displayed a drop in numbers. The numbers confirmed a 53% internet income down from the earlier quarter, which indicated a internet lack of $430 million. Furthermore, the report included chapter wording which set off pink flags in the neighborhood.
Nonetheless, throughout his speech on the Q1 earnings name, Armstrong stated
“So mockingly, I’m truly — I’ve by no means been extra bullish on the place we’re as an organization. And I believe it’s actually vital to separate our efficiency, how are we executing in the direction of our targets versus how is the broader market doing.”
He additional elaborated:
“Because the business matures over time, we’re going to be a really worthwhile firm and extra constantly worthwhile. However for now, no matter whether or not the market is up or down, we’re going to maintain constructing.”
In keeping with Crypto.com’s CEO Kris Marszalek, regardless of the heavy situations, the business will triumph.
It’s a very tough day for crypto.
The most important distinction between 2018 and what’s occurring in the present day?
No person is questioning crypto’s survival. The business will come again stronger. It at all times does.
Keep secure via the storm 🙌
— Kris | Crypto.com (@kris) Might 12, 2022
Whereas accepting that 95% of tasks will wither, Terra co-founder Do Kwon additionally agrees that the market will get again on its ft.
In different phrases, Armstrong isn’t the one one who holds on to their optimism. No matter in the present day’s situations, Armstrong could possibly be proper together with his predictions for 20 years into the long run.