Summary
- Brian Armstrong said the recent Bitcoin price decline is driven by sentiment among market participants rather than fundamental issues.
- Armstrong said this drop is closer to a short-term correction driven by investors’ profit-taking and herd behavior.
- He added that Coinbase is continuing share buybacks along with additional Bitcoin purchases.
Brian Armstrong, CEO of Coinbase, said the recent drop in Bitcoin (BTC) prices is due to sentiment among market participants rather than fundamental issues. He characterized the pullback as a temporary phenomenon.
According to Yahoo Finance on the 18th (local time), Armstrong, speaking at the World Liberty Forum, said, “The current decline is not due to fundamental issues such as a change of the Federal Reserve chair or the threat from quantum computers,” adding that “profit-taking by investors and herd behavior are the main drivers.”
He explained, “Bitcoin has delivered the highest returns of any asset over the past decade,” and said, “This decline is closer to a short-term correction than a structural shift.”
He added, “Coinbase continues to buy additional Bitcoin alongside its share buyback program.”
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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