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Coinbase Lays Off 18% Of Workforce With CEO Citing Incoming Recession, ‘Crypto Winter’ Amid Market Crash

“We appear to be entering a recession after a 10+ year economic boom,” wrote Coinbase CEO Brian Armstrong.

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Coinbase, the largest cryptocurrency exchange in the United States, announced that it will be firing roughly 1,100 members of its global workforce due to an impending “recession” that will lead to a “crypto winter,” according to CEO Brian Armstrong.

“We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote to his employees on Tuesday.

“In past crypto winters, trading revenue (our largest revenue source) has declined significantly. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”

Armstrong also noted that the exchange’s rapid growth has caused problems for their operations.

“We also grew quite quickly over the past two years and have begun to operate less efficiently at our new size. It will take us some time to adjust to this new scale before growing again,” he said.

The news comes as the market cap for cryptocurrency has dropped below the $1 trillion mark, with Bitcoin entering its 12th consecutive week of losses — standing roughly at about $22,500 today, the lowest price seen since December 2020.

Ethereum, the world’s second-most popular cryptocurrency behind Bitcoin, is trading at about $1,200, the lowest level seen since January 2021.

Along with crypto markets, Valiant news reported on Monday that most leading economists expect the United States to fall into a recession as the country continues to struggle with worsening inflation, according to a Financial Times survey that was conducted with the Initiative on Global Markets at the University of Chicago’s Booth School of Business.

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The survey found that around “40% of the 49 leading economists polled by the FT and the University of Chicago’s Booth School of Business said the declaration of a recession would come in the first or second quarter of 2023, with a third saying it would come later in the year.”

This comes as the Federal Reserve moves to contain the highest inflation rates America have experienced in over 40 years – 8.6% in May – and as the Biden administration admits that most Americans may think its inflation strategy “doesn’t sound like a plan.”

Yesterday, the NASDAQ fell, the Dow Jones Industrial Average was down -876.05 at 30,516.74, and the S&P was preparing to close the day in bear market territory.

When Biden White House Press Secretary Karine Jean-Pierre was asked about how the president “bragged” about the stock market “hitting record after record,” during a Monday press briefing, she touted the supposed “economic, historic gains that we have made under this president,” and claimed that Americans are “well-positioned” to face record inflation, rising gas and food prices, and worsening overall economic instability.
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Andrew White is a Northern Virginia native. His work has been previously featured on Alex Jones’ Infowars, Revolver News, and The Liberty Daily. White is a constitutionalist Patriot, who focuses on social issues, election integrity, globalism, US politics, as well as general corporate and government corruption.

3 Comments

3 Comments

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    JOHN MAYOR

    July 5, 2022 at 3:45 am

    (Attention, the ensuing reply was prepared in the monospace Consolas Font [at 8-point BOLD], at a max screen width of 166 characters. To print, use “legal landscape”! Unfortunately, many websites do not have a “collapse widget” whereby lengthy replies can be efficiently and effectively “tucked away” to reduce “comment clutter”, nor a Blog Comment Host widget that/ which will afford MY CHOICE of font/ font size, and an ability to display a comment script utilizing the full screen width! A pitty!)
    ____________________
    .
    Attention!… an urgent note regarding Christine Lagarde’s and Turkey’s recent rejection of Bitcoin!… and, if you want to put a big dent in cryptocurrency action, I would suggest confronting Elon Musk in the manner hereinafter outlined!…
    .
    bit.ly/2PhTloD
    .
    bit.ly/3yCPAhr
    .
    bit.ly/31rXYyN (Under “Economic Forcast” > “Global economy”, see, “2018”… and, “Political Views”)
    .
    bit.ly/2PxJbjs
    .
    Simply put… if “cryptocurrencies” have been used– and are being used!– to “launder” criminal transactions (shielded by the constant hype that these currencies are all about… and nothing more than about!… “safe monetary encryption”!), then we run the risk of empowering some of the most ruthless individuals on our planet, and covering up some of the most brutal for-profit crimes committed (e.g., the love of for-profit broadcast child lust murder… i.e., Kerdotelepaedolagnophoneuophilia!)! And, if you are inclined to view our world as inherently good… and because, you and your’s have lived hermetically sealed lives for most of your lives!… then your myopic complacency could place your world at the mercy of SOULLESS DESPOTS– let alone, ENDANGER YOUR OWN!
    .
    Encypting digital transactions is one thing… but, allowing a human-sized spider to snuggle up to you under the sheets in an “unlit digital room”, is to be suddenly, and mercilessly stung, and then devoured as prey! But, worse!… is awakening to a hell more horrific than your fatal sting and mere death!… YOUR PUNISHMENT BY GOD!
    .
    Our “HUMAN JOURNALISTIC OBLIGATION” is to explore the REAL DANGERS behind the digital laundering of “digital currency transactions” used in exchange for products and/ or services!… and not merely about the quaint exploration of the SCIENCE BEHIND DIGITAL ENCRYPTION, AND THE IMPACT OF CRYPTOMINING! Indeed, EVEN IF cryptocurrencies are 100% “encryption spyproof” and environmentally sustainable, such doesn’t take away the THREAT presented by way of those for whom such encryption is but a means to operate criminally– WITH DIGITAL IMPUNITY!
    .
    bbc.in/2PiIXga
    .
    Ummmm… I wonder what Elon Musk PUBLICLY THINKS… hint, hint!… about the subject of Kerdotelepaedolagnophoneuophilia!… or just plain Telepaedolagnophoneuophilia or Paedolagnophoneuophilia! After all, he’s PUBLICLY EXPRESSED his disdain for, “pedos”… and we might conclude from that that he’s a critic of Child Sex Trafficking and Human Trafficking, in general!
    .
    In the light of the abovenoted “court-sanctioned excusing” of his PUBLIC ACCUSATION of a would-be rescuer as a pedophile, his recent receipt of a first place monetary accolade AND of his public announcement of his support for Bitcoin, this is the perfect time to secure GOOD GUY SUPPORT for a battle against what may be– arguably!– THE MOST HORRENDOUS CRIME COMMITTED BY ANY HUMAN BEING (AND ECLIPSING THAT, OF MERE MURDER!)!
    .
    What do you BOLDLY SAY, webizens?… should someone BOLDLY ASK this “man of monetary notoriety” (academi̲c̲l̲y̲!… and, impassionately/ matter-of-factly!) what he thinks of these evils– and yea, what his “scientific solutions” are to ending this global scourge? And then, once having received his caring response (if, you do!), ask him about the problem of LAUNDERING COMMERCIAL CHILD SEX TRANSACTIONS by way of cryptocurrencies!… and, whether his support for Bitcoin, is in CONTRAST to his assertion that a would-be rescuer of children was a pedophile, while– all the while– he (Elon Musk) has recently “granted” support for one of the most efficient and effective tools for LAUNDERING COMMERCIAL CHILD SEX TRANSACTIONS (but– potentially!– Paedoerotophoneuophilia!)!
    .
    In Wiktionary, under, “cryptomining”, we find the following…
    .
    Etymology
    .
    crypto- +‎ mining
    .
    Noun
    .
    cryptomining (uncountable)
    .
    The process of reverse-engineering the encryption used by cryptocurrency in order to generate cryptocurrency.
    .
    Simply… it’s bad enough to find that due to the power of this encryption method to keep criminals safe from exposing their sale of illicit products and/ or services to criminal dealing in such illicit products and/ or services (by effecting “cryptocircumlocutory obfuscation”/ “slight-of-hand” in the exchange of an illicit sale of an illicit product and/ or service for a “cryptoverivala” that/ which can– in turn– be exchanged for “sanctionable tangible assets (i.e., ‘laundered assets’)”… we now have the compounded damnable evil of energy-consuming Net thieves attempting to steal “Cryptoverivala Seals” in order to generate their own “Crypto La Cosa Nostra Effect”, that– in turn– could be used to secure sanctionable tangible assets! And frankly, the recent Reports of the further problem of an enormous carbon footprint being left behind by wannabe and would-be “crypto thieves” of “crypto enablers” of “cryptosociopsychopaths”, is but incidental to the main concern!… and that being, the demonic footprint being left behind on the souls of the most vulnerable!… the “particulates” of which, are far more disabling than mere cancer-causing molecules (see, Mark 7: 15 and Matthew 15: 11, Biblehub)!
    .
    BTW, Kerdotelepaedolognophoneuophilia is not the only crime in need of “cryptocurrency laundering”!… and Elon Musk is not the only “high roller” who’s expressed his support for this more than dubious, “innovation”! (See, bit.ly/3cx0XMK… and, bit.ly/3fo5fYS)
    .
    bit.ly/31s6zSa
    .
    bit.ly/3w6TlZ0
    .
    bit.ly/3m4dr1t
    .
    bit.ly/3m7ZoYY
    .
    bit.ly/3dcTvpa

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