Coinbase CEO Brian Armstrong Says Bitcoin Has Hit a Bottom. History Says He's Close.
Has Bitcoin finally hit bottom? Coinbase CEO Brian Armstrong thinks so, and Bitcoin's past cycles offer some useful clues.
Overview
Calling the bottom of anything is a reliable way to look silly later. Doing it with Bitcoin (CRYPTO: BTC) is that, plus a live audience. Coinbase (NASDAQ: COIN) CEO Brian Armstrong did it anyway in a Bloomberg video last month, saying, "I personally think we've seen the bottom of the Bitcoin price in this cycle."
Armstrong has made this argument before, but he's sticking to it despite a volatile summer. He also said that about half of Coinbase's revenues come from trading volume. In other words, Armstrong isn't exactly a neutral observer.
Details
I'm mostly on board, though. It would just be hard to claim a definitive market trough with a straight face in front of the camera, and I'd attach a "bumpy road" sticker to the whole idea.
Source
Originally published at www.fool.com.
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