Bitcoin [BTC]’s bounce back is not surprising, says Coinbase COO

Bitcoin [BTCT] seems to have made it on Santa’s good list as the cryptocurrency has risen by nearly a $1,000 within a short span. The coin, which had crushed investors sentiments earlier this month by crashing below the $3500 market, is now back above the $4000 level.

Asiff Hirji, the President and COO of Coinbase spoke about Bitcoin’s short-term price rally that occurred earlier this week, in an interview with CNBC Fast Money. He also touched on what Coinbase might hold for digital assets in the future.

Hirji began by speaking about the article that was published when Bitcoin was at its all-time high in December 2017. The article mentioned how Bitcoin shot-off its original value and suggested that investors should be careful about the volatility. He added that they got a “negative press” as a result for the article. He continued to say:

“I think it’s the old adage if things are never as good as they seem, neither are they ever as bad as they seem, and to quote Buffet, ‘Be greedy when others are fearful and be fearful when others are greedy’. So I think its not surprising to me that we’ve had a bit of a bounce back.”

The COO added that the amount of innovation in cryptocurrency that’s happened last year has far exceeded all the innovation put together from the start.

Referring to Coinbase’s decision to add 30 more tokens, Asiff Hirji said that there were about 3000 cryptocurrencies and only a few mattered. He continued that the cryptocurrencies that matter will eventually be added to their trading list.

“And you should assume that we will over time add all the cryptocurrencies that matter, in as many geographies as we are allowed to add them. This is the start, I think, of the next great wave of innovation in technology, and you should expect to see more and more cryptocurrencies over time”

A Twitter user Toieo commented:

“Are these statements true? My understanding is Coinbase has been tanking yet he’s claiming to be highest volume, largest exchange, blah blah blah…”

Mark Brown also commented:

“Mr. @AsiffHirji , You say you’re adding the best #tokens on coinbase and out of 3,000 you said there are about 200 that will make it. My question is….is #XRP one of them? Thanks, Mark”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


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