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JAKARTA – The bear market or the decline phase of the crypto market that has taken place in the last few months is predicted to not end yet. This view was conveyed by Coinbase CEO, Brian Armstrong.

According to him, the decline in the crypto market or so-called crypto winter, will last about 12 to 18 months. Even so, the boss of the Coinbase crypto exchange stated that his party was ready to face a prolonged bear market because it coincided with the macroeconomic crisis that had a wide impact.

Firmly, Armstrong stated that Coinbase would have no problem facing a bear market. The reason is that the bad situation in the crypto environment has gone through a similar phase of market decline four times in the last 10 years.

When interviewed by CNBC, the Coinbase boss predicts that the bear market will last no more than 18 months. If this period has passed, it is possible that the price of the cryptocurrency will recover. However, Brian Armstrong's current economic conditions are difficult to predict accurately.

"We all expect, you know, 12 to 18 months and a good recovery, but you obviously have to plan for much longer than that. And that's how we think about it. And we try not to joke about predicting the future,” Armstrong said.

Coinbase is one of the largest crypto trading companies in the United States. In fact, the company has gone public by being listed on the Nasdaq stock exchange. Founded in 2012, Coinbase has gone through several phases of the crypto market downturn. Because of this experience, Armstrong believes that the company will be able to face the bear market and survive as one of the giants of the crypto exchange.

“We have gone through four cycles like this as a company. We are only ten years old. If we don't get distracted, and we keep building great products, we'll be fine for the next five or ten years."

As a crypto company still surviving in the midst of a bear market, Coinbase reported a net loss of USD 1.1 billion during Q2, 2022. The loss was triggered by the decline in the crypto market, coupled with the exit of investors. This condition forced Coinbase to cut 18% of its total employees.

Armstrong himself expects various crypto trading platforms to lower trading fees. A number of crypto giants such as Three Arrows Capital, Celsius, BlockFi, suffered a heavy blow during the downturn of the crypto market. Some of them even went bankrupt.

Many companies, including Celsius, Three Arrows Capital, and BlockFi, have been hit hard during the ongoing collapse as some have even shut down operations. Armstong said Coinbase was "looking at every deal going on at this time" and might make an acquisition if necessary.


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