Cryptocurrencies have continued to shatter the expectations of both people who were skeptical of it, and people who have been supportive. Skeptical people have had an especially long journey in accepting cryptocurrencies for the powerhouse that they have become and accepting it as a proper competitor to regular currencies as a whole.
The future for cryptocurrencies has always looked promising; regardless of just how bad things are going for it right now. And with how well the crypto market seems to be doing at the moment, the sky really is the limit for the industry as a whole, and the CFO for Coinbase happens to agree.
Bitcoin and other top cryptocurrencies are reaching all-time highs in record time, which is an activity that no one has ever seen before. And with the way that the crypto market is operating right now, it is possible that these prices could go higher.
One of the contributing factors to the success of cryptocurrencies like Bitcoin is the fact that institutional investors are also making their move into the crypto market. So with potentially thousands of crypto investors making it into the market every day, it is quite obvious that Bitcoin will not be having a difficult time any time soon.
But while the crypto market happens to be doing very well, Coinbase itself is struggling at the moment. The number of individuals who were trading cryptocurrencies fell to 7.4 million. But the more optimistic report is that the same measurements from last year show that the company was only dealing with 6.6 million users.
Trading volumes on the app also happened to fall down to $327 billion, which is a decline of over $100 billion. The stock value for the biggest exchange in the entire market also happened to fall significantly, with its current price sitting close to $350. However, Wall Street remains adamant that the price will increase and is very optimistic that the stock value will reach $500.
But despite things looking quite bleak for Coinbase, Its CFO believes that it is not the type of business that can be judged on a quarterly basis. Since the market is so volatile, they can sometimes struggle to keep up with how quickly it is changing. This is why they can be in a very tough spot one quarter, but the next one could be an incredibly profitable one.
When considering just how instrumental Coinbase has been over the years, it is difficult seeing it roll over so easily. In fact, many believe that they will eventually recover from their current slump, and they might even take the assistance of Shiba Inu to do so.