More On: Coinbase
This 33-year-old 'dogecoin billionaire' is being paid in the meme-inspiring cryptocurrency—and he's still buying dips
Crypto executives are sweating bullets.
Wipeout of Wealth
According to Bloomberg, crypto executives are losing billions of dollars as the value of practically every mainstream cryptocurrency, as well as exchange shares, plummets.
According to Coinbase's most recent quarterly report, the number of monthly users has dropped by 19 percent. While the company's leaders maintain bankruptcy is not an option, Coinbase stock has dropped significantly this month.
According to Bloomberg's Billionaires Index, Coinbase founder Brian Armstrong's worth has dropped from $13.7 billion in November to just $2.2 billion this week as a result of the collapse.
According to Bloomberg, Changpeng Zhao, the CEO of rival crypto exchange Binance, saw his fortune drop from $96 billion in January to barely $11.6 billion on Wednesday.
In essence, it's been a rough few weeks, with the entire crypto space's tremendous volatility on full show.
Implosion of Cryptocurrencies
It's not just crypto executives who are sweating. LUNA, a popular token that was once among the top ten most valued cryptocurrencies, has dropped far below $1 after peaking at over $120 last month.
In the previous six months alone, Bitcoin has lost more than half of its value.
Both cryptocurrencies and exchanges are undergoing a difficult period at the moment, with no apparent end in sight.
And the game is far from over. It's not the first crypto fall in recent years, and it's not likely to be the last, with crypto executives bullishly staring right into the abyss.
"It's important just addressing the elephant in the room, which is that the broader markets are down," Armstrong said on a Tuesday conference call following the company's dismal quarterly report.
"We do our finest work during downturns, ironically... I've never been more optimistic about our company's prospects."
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