Cryptocurrency markets rebounded a bit today after a week of heavy losses. Those in the industry are impassive even if the exchange giants like Coinbase continue to grow at an impressive rate.
In an interview at the Bloomberg Players Technology Summit in San Francisco, Coinbase CEO Brian Armstrong said the exchange was registering 50,000 new users in the past year. His comments during the interview were still extremely positive in an environment where market sentiment was bearish throughout the year.
As one of the world's major cryptographic exchanges with 25 million customers, Coinbase can be considered a good indicator of the general conditions of the industry and its future. To witness the exponential growth that the company has had in recent years is a testimony to this. Armstrong elaborated stating:
"This technology is going through a series of bubbles and fixes, so we were in four or five at this time when Bitcoin made this big price increase and it was a & # 39; irrational exuberance, and then corrected 60 or 70 percent.Every time he did he reached a new plateau that has a little matched with the company's growth.If we return to 2012-13 when we started, we recorded 500 people a day.After the next bubble and correction, we have registered 5,000 people a day, and now it is more like 50,000 a day than they sign up. "
He also compared things with the start of the Internet when companies they came and went as fast as the scrambled ones seem to be doing today. Questioned on the SEC, he said that the examination was justified and that it was useful to work together to eliminate bad actors and approve genuine operators.
Ethereum's co-founder, Joseph Lubin, has meanwhile attributed the current market volatility to speculation alone. In a Bloomberg interview he said:
"We've seen six big bubbles, each one more epic than the last, and every bubble is amazing when they're happening, but when you look back they look like pimples on a chart," before adding "With each of these bubbles we have a huge wave of activity and that's what we're seeing right now."
Lubin went on to say that traders are causing price spikes and drops but developer activity has increased by two orders of magnitude since last year's peak. He is not worried about the current market crisis affecting the growth of the ecosystem and its adoption, and neither of them, of course, is the boss of Coinbase Armstrong.