Here's the pep talk the CEO of bitcoin exchange Coinbase gave to new hires about the price dip: 'People are irrationally pessimistic'

Business Insider | 6/19/2018 | Becky Peterson
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$1.6 billion cryptocurrency exchange Coinbase became a prominent name as the price of bitcoin surged toward $20,000. But now that bitcoin is valued around $6,700, some people are freaking out.

Brian Armstrong, CEO and cofounder of Coinbase, says he's used to these wild swings.

Message - Employees - Twitter - Armstrong - Team

In a message to employees, which he later shared on Twitter, Armstrong told his team that price fluctuations are totally normal in the world of cryptocurrency.

He sees downturns as the perfect time to make progress as a company "while everyone else gets distracted."

Months - Bitcoin - Mania - Prices - Cryptocurrency

Just six months after bitcoin mania sent prices soaring up toward $20,000, the popular cryptocurrency is now worth about $6,700 — just a third of its all time high.

But the CEO of Coinbase, a cryptocurrency exchange valued at $1.6 billion last August, has a message for newer employees: Don't panic.

Twitter - Thread - Tuesday - CEO - Brian

In a Twitter thread Tuesday, CEO Brian Armstrong shared the motivational message that he sent to his employees earlier in the day to reassure them to stay strong during the cryptocurrency down cycle.

"It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news," Armstrong said.

People - Despair - People

"When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true," he...
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