A little over six months ago, Bitcoin reached its all-time high of approximately $20,000, unfortunately the relatively popular, digital asset continues to sink, as it sits at one third the value of the ath. Despite the continuous plunging trend, CEO of Coinbase, Brian Armstrong shared a message to new employees, which simply says “Don’t panic”.
“It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.”
Armstrong also added that emotional investing is never the key by commenting,
“When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true.”
It appears that the CEO trusts that the reality of the matters at hand depends more on its real-life applications rather than the price, which many crypto investors seem to be relying heavily on.
Coinbase experienced a growing user base during mid-December of 2017, where more people became aware of cryptocurrencies. While the company managed to double the number of people who joined the easy-to-use and understand platform, especially for novice investors, it had many hurdles along the way, namely poor customer service interactions and sudden outages in systems.
Armstrong is ecstatic to see the continuous downward trends, as he trusts that it will help to,
“get rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress.”