Coinbase Adding 50K Users On A Daily Basis Was Reportedly Fake News – Blockchain Wallet Has Such An Influx Of Users, According To Its CEO Peter Smith
A few days ago, it was reported that Coinbase CEO Brian Armstrong explained during an interview that his crypto exchange platform was receiving an influx of over 50,000 a day of people who are signing up.
Many crypto enthusiasts saw this as a bullish sign, but there were also a lot of them who notices that this figure indicates the fact that the crypto market continues to trigger increased interest from individuals despite the overall downtrend of the prices.
Many people saw this statement as a matter of fact, even the Bloomberg reporters who were actually the ones to break the news.
But, later it was clarified that Coinbase does not have a daily volume of 50k of people signing up on the platform, but instead this only happened back in 2017 during the bull run when Bitcoin’s price surged by over ten-fold.
Peter Smith claims Blockchain Wallet has 50,000 new users each day
Peter Smith, the CEO of the Blockchain crypto/blockchain infrastructure firm, made sure to set things straight with the help of this tweet:
CORRECTION: It's actually *Blockchain* signing up over 50,000 per day in the midst of this crypto downturn. It's delightful to see new entrants actually interested in *using* crypto. (Hi @crypto 👋 ) pic.twitter.com/NKFDKMdSRk
— Peter @ Blockchain.com (@OneMorePeter) August 15, 2018
He says that Blockchain is the only one which can have 50,000 users per day signing up and not Coinbase.
Smith has taken a light jab at Bloomberg and Coinbase itself for the misreporting.
So, it turns out that the real news is that the US-based Blockchain which offers a wallet service for Bitcoin, Bitcoin Cash, and Ethereum is still seeing users embark the platform in a massive number.
Smith remains as bullish as ever and in a recent interview with Bloomberg, he commented the following: “I think over the past couple of years we’ve seen a lot of really rapid increases, and really rapid decreases, then a sort of a slow consolidation of the market. I think we are seeing another slow consolidation in the market now.”
Anyway, as a conclusion, a few years might still have to pass until crypto, and the blockchain technology can fully replace the traditional systems that are used by billions of people all over the world.
Peter Smith is the co-founder and CEO of Blockchain.com, the company behind one of the world's most popular online crypto wallets and who also launched Blockchain Principal Strategies, an institutional platform that helps investors gain more exposure to cryptocurrency.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.