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Coinbase Is Embarrassing Itself By Not Buying Bitcoin

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3 hours ago

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Really, at this point, Coinbase is just embarrassing itself by not buying Bitcoin and doing silly buybacks.

Coinbase just had a bad quarter. After reporting disappointing Q3 earnings, its stock plunged over 10%. To instill confidence, Coinbase announced a $1 billion share buyback. But that flopped, too, with shares barely budging.

This whole debacle just shows that Coinbase is foolishly ignoring the obvious strategy here — buying bitcoin.

Instead of share buybacks, imagine if Coinbase put $1 billion into bitcoin for its corporate reserves. That would have sent a real message. It would show they have skin in the game and truly believe in Bitcoin and crypto’s future.

Let’s be clear – Coinbase should be all-in on Bitcoin’s upside. This is the industry they pioneered! Yet here we are in 2024, and Coinbase won’t follow the proven Bitcoin reserve model that is literally being flaunted in their face by MicroStrategy.

Look, I am not any financial engineering expert to tell public companies what to do, but it’s just too evident for crypto companies at this point.

MicroStrategy started buying Bitcoin in 2020. And look what’s happened — their market cap now exceeds Coinbase’s! This software company, with 1/10th the revenue of Coinbase, has surged past the OG Bitcoin and crypto exchange. All thanks to stacking sats.

How embarrassing for Coinbase! They’ve been around since 2012, when Bitcoin was $5. Just imagine if they went all-in on BTC back then. But it’s still not too late.

No more wasting money on share buybacks or lame projects. The solution is staring Coinbase right in the face — just keep stacking sats!

It’s painfully obvious at this point. Any self-respecting Bitcoin and crypto company must hold Bitcoin on its balance sheet. It aligns interests with shareholders and strengthens credibility.

So wake up, Brian! No more excuses. Coinbase literally owes its existence to Bitcoin. It’s time to go all in at last.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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24/7 Cryptocurrency News

Coinbase CEO Says No Slowdown Post Election, Reveals 2026 Pro-Crypto Efforts

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2 days ago

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October 31, 2024

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Coinbase CEO, Brian Armstrong, announced that Coinbase would not scale back on its crypto advocacy following the U.S. election results, which are expected in six days. Armstrong’s statement emphasized that they are committed to securing a favorable environment for crypto in U.S. legislation post-November US election.

Consequently, Coinbase has pledged an additional $25 million to support the pro-crypto super PAC, Fairshake PAC to back crypto-friendly candidates leading into the 2026 midterm elections.

Coinbase CEO Brian Armstrong Reveals What’s Next Post US Election

In a recent post on X, Brian Armstrong stated that Coinbase remains steadfast in its advocacy for crypto legislation. Despite the outcome of the U.S. election, Coinbase CEO emphasized that the firm would continue its pro-crypto efforts, highlighting a new $25 million commitment to Fairshake PAC, a super PAC that supports crypto-friendly candidates. 

The donation will boost crypto representation in Congress during the 2026 midterm elections and improve the crypto regulatory environment in the U.S.

Fairshake PAC, known for its advocacy through digital and broadcast platforms, has previously utilized industry contributions to back candidates who support innovation and growth in the crypto space. Josh Vlasto, Fairshake spokesman added, 

“We look forward to continuing to build a long-term sustainable crypto coalition that will pass responsible regulation to protect consumers and ensure the United States continues to lead the way in technological innovation, growth, and jobs.”

This latest initiative adds to Coinbase’s cumulative $75 million in political spending this cycle.

Coinbase CEO Brian Armstrong also mentioned their support for its affiliate advocacy group, Stand with Crypto (SWC), which aims to increase its membership to 4 million by 2026. The group’s mission is to engage more crypto-friendly voters, educate them on policy issues, and mobilize them in key swing states. Currently, the group has registered over 100,000 new voters across states where crypto regulation remains a pressing issue.

The crypto community has continued to gain traction as a voting bloc, with nearly 1 in 5 Americans reportedly owning some form of digital asset. With this sustained momentum, Coinbase CEO aims to solidify the crypto vote as a key component of U.S. politics.

 More so,  Brian Armstrong  emphasized, 

“The crypto voter is already a force to be reckoned with, but it will continue to grow.“

Q3 Earnings Miss As Market Challenges Persist

In its recent Q3 earnings report, Coinbase noted lower-than-expected results due to decreased trading volumes, which led to a 27% decline in transaction fees. Revenue for the quarter fell below analyst expectations, attributed to ongoing market challenges. Despite this, Coinbase continues to diversify its offerings, with growth in staking, USDC transactions, and custody services contributing to a more resilient revenue stream.

Moreover, the digital asset platform recently partnered with Visa, allowing Visa debit card holders to instantly deposit funds into their accounts. This collaboration will provide users with 24/7 access to trading. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase Unveils On-Chain AI Agents On Ethereum L2 Base

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6 days ago

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October 27, 2024

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Coinbase announced a new set of fully on-chain AI agents users can create in under three minutes on its Ethereum L2 network Base.

Built with tools from Coinbase, OpenAI, and Replit, these agents can manage crypto wallets, connect with X (formerly Twitter), and perform other tasks.

This marks a significant step toward the convergence of AI and blockchain technology.

Coinbase’s Vision: A Future Where AI Agents Drive DeFi

Recently, Coinbase and its CEO Brian Armstrong showed a far-reaching vision for the new era of AI and blockchain integration. In this world, AI agents have the financial independence to spend and transact through cryptocurrency wallets.

For Armstrong, this is how DeFi becomes a game-changing place. Digital economies are reshaped through AI-driven systems autonomously without human interference.

One major limitation that really holds back AI systems from widely usage today, is financial autonomy. Opening bank accounts or keeping credit cards for AI agents is not possible. They are not able to handle resources or purchase things on their own.

That really hinders their use of important services, like cloud computing in AWS, paid APIs, and subscription-based digital tools. The lack of independent transaction capabilities greatly restricts AI system’s real-world applications.

Cryptocurrency wallets for AI agents remove various barriers that would otherwise be in place. The crypto wallet allows AI agents to interact with open marketplaces, transacting with stablecoins on Base and Coinbase’s Layer 2 blockchain.

Financial independence means that they can pay bills, subscribe to things, or buy digital assets. This capability is a breakthrough that will grant AIs the ability to act as autonomous economic entities across industries.

Because of that, Armstrong recently offered the AI agent a new crypto wallet. He acknowledged that Truth Terminal already had a crypto wallet but insinuated that its human creator controls it.

AI Agents to Drive Crypto Innovation

The integration of crypto wallets with AI agents represents one of those points of inflection in integrating AI with blockchain. This is where the dream of an AI-to-AI economy is being trailed by platforms such as Coinbase. There, even financial transactions and asset management-participation in decentralized governance, is done autonomously between AI agents, independently of human intervention.

For crypto investors, this shift in dynamics translates into an opening of new opportunities. As financial freedom is slowly bestowed upon AI agents, their ability to operate freely, independently in decentralized ecosystems unravels new ways of growth, innovation, and investment. It also promises long-term value for infrastructural and consumer use cases.

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Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Coinbase Co-Founder Backs XRP Lawyer John Deaton Against Senator Warren

Published

2 weeks ago

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October 21, 2024

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John Deaton, XRP lawyer and Republican candidate from Massachusetts, continues to gain support in his firm fight against powerful opponent Senator Elizabeth Warren. Coinbase co-founder and CEO Brian Armstrong has been the latest to extend support to Deaton while lashing out at Senator Warren recently.

Coinbase Co-Founder Supports John Deaton

In a post on the X platform on October 21, Coinbase co-founder Brian Armstrong stated: “Massachusetts residents should vote for John Deaton”. He also showered strong criticism of Senator Elizabeth Warren while highlighting her role in appointing Gary Gensler as the chair of the US SEC.

Armstrong has accused Warren of encouraging Gensler to take actions aimed at undermining the crypto industry in the US. He also criticized Senator Warren for being “anti-freedom” while suggesting that she advocated for a government-controlled financial system.

Coinbase co-founder slammed Senator Warren and her policies that harmed the country significantly. He said that her combating actions against crypto haven’t worked well while the industry continues to flourish. “Luckily they did not succeed as we and others fought back,” wrote the Coinbase co-founder.

XRP Lawyer John Deaton has been receiving support from other crypto industry supporters as well in recent days. Popular crypto lawyer MetaLawMan writes:

“If you live in Massachusetts you should vote for John Deaton. Deaton has done more for crypto freedom than all other candidates combined. His opponent Senator Warren believes you should be debanked if you make investment choices she disapproves”.

Senator Warren Faces Huge Backlash

For her heavy-handed approach concerning crypto, Senator Elizabeth Warren has faced a huge backlash from the crypto industry. Apart from the Coinbase co-founder, most of the crypto industry veterans have accused her of attacking crypto-friendly banking institutions like Silvergate Bank, Custodia Bank, and others. Many also believe that she is the key architect of Operation Choke Point 2.0 along with her colleagues in the Fed, and the SEC.

Moreover, crypto industry leaders such as the Winklevoss twins also donated over $1 million in political campaigns in order to unseat Senator Warren. Last month, Senator Warren lashed out at crypto-funded groups stating that they don’t want “fair regulations” for the crypto industry. “They’re upset since I have called for fair regulations around the industry that protect the working people,” she said.

However, Democratic candidate Kamala Harris has been taking a pro-crypto stand recently and is planning to replace Gary Gensler with other pro-crypto candidates.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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