COINBASE’S CEO SAYS THE BOTTOM IS IN — HIS COMPANY CUT 700 JOBS

Brian Armstrong told CNBC on Thursday, September 10, that the bottom is in and that a $400,000 bitcoin by 2030 is a reasonable target. He runs the largest American exchange for buying and selling coins. He gets paid when you trade.

Put his own numbers next to the call. Coinbase lost $359.5 million in the second quarter on $1.2 billion of revenue, down from $1.5 billion a year before. Analysts looked for a 17-cent loss a share and got $1.36. Trading fees brought in $599 million. In May the company cut about 700 people, 14% of the staff, from roughly 5,000 to 4,300.

So the man telling you the bottom is in fired one worker in seven on the way down. Both things can be true. Only one of them is a filing.

Mempolitics does not print price targets, and that has not changed today. A target comes with a date, and a date is a trade. The people who did well holding bitcoin were never handed a number to wait for. They were handed a supply schedule that nobody can revise, and they kept their keys.

At the time of this writing, bitcoin was $76,984 at 10:16 AM ET on Crypto.com.