Coinbase CEO Brian Armstrong Was Asked If Another Democratic Administration Would Prove Difficult For Crypto Industry, Here's What He Said
Portfolio Pulse from Aniket Verma
Coinbase CEO Brian Armstrong discussed the bipartisan support for cryptocurrencies during the company's Q2 2024 earnings call. He emphasized that the crypto industry is now taken seriously in D.C. and is no longer seen as partisan. This follows positive comments from former President Trump and a recent upgrade of Coinbase shares by Citi. Despite a fall in transaction revenue, Coinbase reported a revenue beat, with Bitcoin accounting for a significant portion of trading volumes. Cathie Wood's Ark Invest recently sold shares in Coinbase, and the stock saw a 3.23% increase in after-hours trading.
August 02, 2024 | 7:13 am
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Coinbase CEO Brian Armstrong highlighted bipartisan support for cryptocurrencies, following positive comments from Trump and a Citi upgrade. Despite a fall in transaction revenue, Coinbase reported a revenue beat, with Bitcoin accounting for a significant portion of trading volumes. Cathie Wood's Ark Invest recently sold shares in Coinbase, and the stock saw a 3.23% increase in after-hours trading.
The bipartisan support for cryptocurrencies and positive comments from Trump could lead to a more favorable regulatory environment, which is beneficial for Coinbase. The recent Citi upgrade and revenue beat further support a positive outlook. However, the sale of shares by Ark Invest and the fall in transaction revenue are points of caution.
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