The bitcoin price has crashed under $17,000 per bitcoin, down more than 70% from last year’s all-time high of almost $70,000 (though Elon Musk isn’t too worried). The ethereum price has meanwhile suffered a similar sell-off despite Wall Street giant JPMorgan making a surprise decentralized finance (DeFi) bet.
Now, Brian Armstrong, the chief executive of the largest U.S. bitcoin, ethereum and crypto exchange Coinbase
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Armstrong is “just as bullish on crypto as ever,” even after the implosion of major bitcoin, ethereum and crypto exchange FTX this month, he told the Financial Times, adding Coinbase currently looks “undervalued” after its stock collapse from its spring of 2021 Nasdaq list price.
“I’m so glad that [went public],” Armstrong said. “I’m glad that we’re helping the market kind of understand crypto cycles better … because that’s kind of been our history as a company, [that] we want to blaze a trail, legitimize the whole industry. We don’t mind being misunderstood or questioned for a few years. We’re playing this for the long term.”
Meanwhile, Armstrong expects long-awaited bitcoin and crypto regulation currently being debated by lawmakers in the U.S. and around the world will entrench “the largest companies” such as Coinbase.
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The FTX meltdown that saw the exchange forced to declare bankruptcy following a surge of withdrawals is expected to galvanize regulators who were already eyeing the crypto market following its massive 2021 bull run and 2022 collapse.
“It would be logical to assume that there will be a shift in the market structure in favor of decentralized platforms,” Serhii Zhdanov, the chief executive of crypto exchange EXMO, said in emailed comments. “Nevertheless, the FTX story could be a reason for regulators to tighten their requirements for crypto companies, which, on the contrary, will lead to stronger centralization to ensure full control from governments.”