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CoinBase Ceo: I was surprised by the fall of Bitcoin

The recent decline in Bitcoin’s prices shocked many. Brian Armstrong, Kevin Bass’s chief currency officer, the largest US currency exchange, was also among those. Armstrong announced on Twitter that Bitcoin’s had fallen short of expectations after a 2% drop in prices, according to YouTube. According to him, amid the poor performance of global markets, this bitcoin behavior was unpredictable. He tweeted:

When we saw these conditions, Bitcoin’s prices fell, so we were surprised. Expect it to happen otherwise.

The CEO’s comment on a bitcoin-big money exchange about Bitcoin’s prices is a rare occurrence.

Adam Back, CEO of Blockstream, was among those who criticized Armstrong’s statement that he should not just name Bitcoin.

Certainly, Bitcoin is a newcomer to the digital currency market with a 5% share, but Armstrong’s tweet has been misleading to some. WhalePanda, a leading Twitter analyst, wrote in response to Armstrong:

I think it means [all] digital currencies!

Will Panda’s remark also admired Adam Beck.

Armstrong also said last week that a digital currency could replace Bitcoin!

Prior to Armstrong’s tweet, leading analyst John Bollinger had stated that it was impossible to predict a fall for Bitcoin’s. Bitcoin was expected to act as a safe haven, he said.

Nouriel Roubini, the Nobel Prize-winning economist, also pointed to Bitcoin’s sharp decline relative to world markets, saying that the digital currency could not be used as a loss-making tool.

On the other side was Joe Weisenthal. He reiterated that investors are seeking to cash in on capital to earn more cash. He had stated a few days ago that the bitcoin market was owned by financial institutions. According to Vicenthal, he does not accept the idea that bitcoin is an asset without solidarity with others.


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