The CEO of prominent cryptocurrency exchange platform Coinbase, Brian Armstrong, shared a series of posts on Twitter Tuesday promoting the positive benefits of extended periods of low Bitcoin prices.
Armstrong focused on three cycles of Bitcoin prices from 2013, 2014, and 2017, commenting that the up and down momentum of Bitcoin is normal for the cryptocurrency.
His Tweet reads: ”After many years of this, I’ve come to enjoy the down cycles in crypto prices more”,’ while justifying this by saying it rids the market of people who are in it for “the wrong reasons”.
Those with the right reasons for involvement as he sees it are given ”an opportunity to keep making progress while everyone else gets distracted”.
— Brian Armstrong (@brian_armstrong) June 19, 2018
With the statements in the Tweets initially shared with Coinbase staffers, Armstrong reminded them to ignore any “irrational exuberance” or “irrational pessimism” regarding Bitcoin’s price.
”Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price”, he noted.
His opinions are shared with the likes of Phillip Nunn who recently reiterated his belief that Bitcoin will not have trouble recovering from this low period, and will make it to USD 60,000 by the end of the year.
Bitcoin currently stands at around USD 6,550, having recovered from lows of approximately USD 6,250.
Allegations against Coinbase
Armstrong’s exchange Coinbase is currently facing allegations of fraud from several of its clients. The accusers have given a 134-page report to the US SEC and the California Department of Business Oversight outlining their claims.
As outlined by Mashable, the report illustrates Coinbase as an irresponsible actor that was underprepared for its own success.
The complaint files note multiple occasions where would-be traders find their money has disappeared, or to be locked out of accounts, with Coinbase reacting with what is described as ”aggressive nonchalance“.
Coinbase has responded to these complaints by issuing a statement saying they have increased their support team by over 150% and reduced the response time to less than ten hours for 95% of complaints.
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