Brace yourselves, crypto winter is coming

On Tuesday’s earnings call, Coinbase CEO Brian Armstrong said, “Ironically… I’ve never been more bullish on where we are as a company.”

Coinbase stock also happens to be down ~60% in the last 5 days.

So what’s the deal?

• Generally, the crypto markets are feeling an extra icy-hot burn amid a broader market sell-off.
• As such, monthly transacting Coinbase users have fallen 51% to 6.1m quarter-over-quarter.

Armstrong admitted he’s anticipating a so-called “crypto winter” and plans on making use of his $7B balance sheet to get through it — by hiring talent and acquiring companies.

BTW: This might be a good time to bring back the “Liquidated” parody remix to Avril Lavigne’s “Complicated.”