tl;dr
Coinbase CEO Brian Armstrong announced that the company is purchasing Bitcoin weekly and encouraged investors to hold the cryptocurrency as it nears a new high. Coinbase is the 10th-largest corporate Bitcoin holder, with BTC holdings valued at $995 million. Initially a Bitcoin-only platform, Coinbas...
Coinbase CEO Brian Armstrong revealed that the company purchases Bitcoin on a weekly basis, encouraging investors to maintain long positions as BTC approaches a new record high. Currently, Coinbase holds the position of the 10th-largest corporate Bitcoin owner, with its Bitcoin assets valued at approximately $995 million.
Originally founded as a Bitcoin-exclusive platform in 2012, Coinbase expanded its horizons by incorporating support for Ethereum in 2016, marking a significant shift away from a strictly Bitcoin maximalist viewpoint. This evolution continued in 2018, when Coinbase dramatically broadened its offerings by enabling nearly 100 additional ERC-20 tokens, embracing a wider array of altcoins beyond Bitcoin.
This strategic pivot has not been without controversy. Bitcoin maximalists have expressed criticism towards Coinbase and Armstrong for emphasizing tokens driven more by market hype than by Bitcoin’s underlying value and dominance. A notable example includes Armstrong’s decade-old tweet, now deleted, in which he referred to certain altcoins like XRP and Stellar as distractions, highlighting Bitcoin’s superior standing; however, his stance has clearly transformed in recent years.
Despite this criticism, Coinbase’s actions reflect broader market trends where institutional investors diversify holdings and acknowledge the growing ecosystem of cryptocurrencies. Armstrong’s encouragement to 'go long' on Bitcoin amid its rising price showcases confidence in the flagship cryptocurrency’s future, even as Coinbase simultaneously supports a diverse token palette.