‘Undervalued’ – Coinbase CEO Reveals ‘Bullish’ Crypto Prediction After $200B FTX Bitcoin and Ethereum Price Crash

BitcoinBTC
ethereum and other major cryptocurrencies have rallied through November as the shock FTX crash sends shockwaves through the crypto market – reviving a notorious short-seller.

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Bitcoin price has crashed below $17,000 per bitcoin, down more than 70% from last year’s all-time high of nearly $70,000. The Ethereum price, meanwhile, has suffered a similar selloff despite Wall Street giant JPMorgan making a surprise bet on decentralized finance (DeFi).

Now, Brian Armstrong, CEO of the largest US bitcoin, ethereum and crypto exchange CoinbaseCOIN
has predicted looming crypto regulation will help the biggest crypto companies over smaller rivals – calling the company “undervalued” after its brutal 80% share price collapse.

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Armstrong is “as bullish on crypto as ever,” even after the implosion of major bitcoin, ethereum and crypto exchange FTX this month, he told Financial Timesadding that Coinbase currently looks “undervalued” after the stock has collapsed from its Spring 2021 Nasdaq listing price.

“I’m so happy about it [went public]”, Armstrong said. “I’m glad we’re helping the market understand crypto cycles better… because that’s been our history as a company, [that] we want to blaze a trail, legitimize the entire industry. We don’t mind being misunderstood or questioned for a few years. We’re playing this for the long haul.”

Meanwhile, Armstrong expects long-awaited bitcoin and crypto regulation currently being debated by lawmakers in the US and around the world to entrench “the biggest companies.”

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