1/ Shared the following message with the team @coinbase today...
2/ Hey team, many of you are new, so I wanted to share a bit about the price of crypto.
3/ The crypto industry is like no other I've seen - lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. 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.
4/ When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price.
5/ After many years of this, I've come to enjoy the down cycles in crypto prices more. It gets rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress while everyone else gets distracted.
6/ We use the down cycles to build a strong foundation so we can thrive in the next growth cycle.
7/ I want to encourage you all to ignore the price of crypto and the headlines which will inevitably start to come up. Our job is to rise above that, finding our own intrinsic source of motivation, to come in and do our best work, regardless of what other people think.
8/ We'll win in the long term by listening to our customers, and building what they want, just like any great company.
9/ You'll hear me continue repeating this message periodically. I want to teach the org how to think about it, and have you share the these same ideas with candidates who are thinking about joining.
10/ Together we can stay focused on the long term, and shift the world toward an open financial system.
You can follow @brian_armstrong.
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