Coinbase CEO Expects Revenue To Drop Over 50% This Year Due To FTX Crash
The Coinbase CEO predicts that the company’s revenue could drop by 50% this year as the collapse of FTX has damaged investors’ confidence in the crypto market.
According to Bloomberg, the chief executive officer of Coinbase Global Inc. Brian Armstrong said the crypto exchange’s revenue will be cut in half or more this year as falling prices and the collapse of rival FTX dent investor confidence.
According to Brian, investors will identify the FTX crash as the biggest scam in the history of the market.
Before the long crypto winter and 2 market crashes of LUNA in May and the crash of FTX in November, Coinbase shares are down more than 80% by 2022, and the company’s third-quarter revenue is only about a quarter of what it was in the last three months of 2021, when Bitcoin’s price peaked.
As was updated in an earlier Coincu News article, Brian Armstrong was also harsh on FTX founder and CEO Sam Bankman-Fried calling him a scammer.
One of them was an attempt to explain the $8 billion missing from the company’s balance sheet and Sam, who claimed that he and his management had made an accounting error. This resulted in a loss of $8 billion. However, very few people believed his explanation and the CEO of Coinbase did not believe it at all.
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