Brian Armstrong is “just as positive on crypto as ever,” even after the crash of major Bitcoin, Ethereum, and crypto exchange FTX last month, he told the Financial Times, adding that Coinbase now appears “undervalued” after its shares fell from its Nasdaq list price in the spring of 2021.
Meanwhile, Armstrong anticipates that long-awaited bitcoin and cryptocurrency regulation, which is presently being debated by lawmakers in the United States and around the world, will entrench “the largest companies,” such as Coinbase.
The FTX disaster, which saw the exchange forced to declare bankruptcy due to a rise in withdrawals, is expected to galvanize regulators, who were already watching the crypto industry after its enormous 2021 bull run and 2022 crash.
“It would be fair to expect a shift in market structure in favor of decentralized platforms,” Serhii Zhdanov, CEO of crypto exchange EXMO, said in an emailed statement. “However, the FTX narrative may be a reason for authorities to tighten their standards for crypto firms, which, on the contrary, will lead to deeper centralization to secure full government control.”
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