{"id":1515295,"date":"2022-06-14T12:19:25","date_gmt":"2022-06-14T16:19:25","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1515295"},"modified":"2022-06-14T12:19:32","modified_gmt":"2022-06-14T16:19:32","slug":"crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/crypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff\/","title":{"rendered":"\u2018Crypto Winter\u2019: Coinbase To Lay Off Nearly One-Fifth Of Staff"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcrypto-winter-coinbase-to-lay-off-nearly-one-fifth-of-staff%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1515295&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Cryptocurrency exchange platform Coinbase is preparing to lay off 18% of its workforce amid a <a href=\"http:\/\/dailywire.com\/topic\/economy\">downturn<\/a> in the <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\">digital asset<\/a>\u00a0market.<\/p>\n<p>\u201cWe appear to be entering a recession after a 10+ year economic boom,\u201d Coinbase CEO Brian Armstrong said in a Tuesday <a href=\"https:\/\/blog.coinbase.com\/a-message-from-coinbase-ceo-and-cofounder-brian-armstrong-578d76eedb12\">blog post<\/a>. \u201cA recession could lead to another crypto winter, and could last for an extended period.\u201d<\/p>\n<p><a href=\"http:\/\/dailywire.com\/topic\/bitcoin\">Bitcoin<\/a>, the digital asset with the largest market cap, has plummeted from around $48,400 at the end of December to roughly $22,500 as of Tuesday \u2014 a 54% drop.<\/p>\n<p>According to Armstrong, past \u201ccrypto winters\u201d have decreased trading and thereby impacted Coinbase\u2019s primary source of revenue. Although the company has grown 200% year-over-year since the beginning of 2021, Armstrong believes he \u201cover-hired\u201d amid the boom in popularity of digital currency products and services.<\/p>\n<p>\u201cWhile it\u2019s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment,\u201d he said. \u201cCoinbase has survived through four major crypto winters, and we\u2019ve created long term success by carefully managing our spending through every down period. Down markets are challenging to navigate and require a different mindset.\u201d<\/p>\n<p>Cryptocurrencies \u2014 forms of <a href=\"https:\/\/www.dailywire.com\/news\/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works\">decentralized digital money<\/a> that can be transferred between users\u2019 virtual wallets \u2014 are especially popular among Millennials and members of Generation Z. The 2022 Investopedia Financial Literacy Survey revealed that 28% of Millennials \u2014 those between the ages of 26 and 41 \u2014 expect to <a href=\"https:\/\/www.dailywire.com\/news\/gen-z-millennials-are-relying-on-crypto-for-their-retirements\">use cryptocurrencies to support themselves<\/a> in their retirements. Nearly 20% of Gen Z \u2014 those between 18 and 25 \u2014 said the same.<\/p>\n<p>\u201cFor younger investors, cryptocurrency is clearly not just a fun asset to trade in order to make fast money,\u201d Investopedia editor-in-chief Caleb Silver remarked. \u201cThey are depending on generating returns from cryptocurrency to build wealth and fund their retirement, which is concerning given the lack of education around investing in crypto, and the fact it is still not regulated by the industry.\u201d<\/p>\n<p>Indeed, just over one-quarter of American adults reported having \u201cadvanced\u201d knowledge of cryptocurrency, while 49% have \u201cbeginner\u201d knowledge.<\/p>\n<p>The plummeting value of digital assets also impacts El Salvador, which became the first nation to adopt <a href=\"https:\/\/www.dailywire.com\/news\/el-salvador-makes-history-becomes-first-country-to-make-bitcoin-legal-tender\">Bitcoin as a form of legal tender<\/a> last summer. According to El Salvador\u2019s government, the use of the cryptocurrency could fuel \u201cfinancial inclusion,\u201d noting that \u201c70% of its population doesn\u2019t have access to traditional financial services.\u201d<\/p>\n<p>Last month, however, El Salvador <a href=\"https:\/\/www.cnbc.com\/2022\/05\/09\/el-salvador-buys-500-bitcoin-as-crypto-market-sell-off-continues.html\">bought<\/a> $15.5 million in Bitcoin at nearly $31,000 apiece \u2014 meaning that the nation lost over one-third of its investment amid the most recent selloff.<\/p>\n<p>El Salvador\u2019s use of Bitcoin as legal tender represents \u201cthe first domino to fall in broader global adoption,\u201d according to an analysis from accounting firm <a href=\"https:\/\/www.pwc.com\/gx\/en\/financial-services\/pdf\/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf\">PwC<\/a>. Because over 20% of El Salvador\u2019s gross domestic product (GDP) emerges from remittances \u2014 money sent to residents of the country from citizens working abroad \u2014 Salvadorans may benefit by using cryptocurrencies to avoid hefty transfer fees.<\/p>\n<p>International financial institutions like the International Monetary Fund (IMF) and the World Bank have been hesitant to back El Salvador\u2019s experiment over concerns related to macroeconomic stability and environmental implications.<\/p>\n<p>Many economists and officials have been highly skeptical of cryptocurrencies and their surging popularity. IMF Managing Director Kristalina Georgieva said at the World Economic Forum last month that some forms of cryptocurrencies <a href=\"https:\/\/www.dailywire.com\/news\/head-of-imf-denounces-certain-types-of-crypto-as-pyramid-schemes-at-world-economic-forum-summit\">not backed by assets<\/a> are a \u201cpyramid\u201d scheme, and Sen. Elizabeth Warren (D-MA) has repeatedly called upon regulators to <a href=\"https:\/\/www.dailywire.com\/news\/warren-asks-biden-administration-to-crack-down-on-cryptocurrencies\">crack down<\/a> on the marketplace.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency exchange platform Coinbase is preparing to lay off 18% of its workforce amid a downturn in the digital asset\u00a0market. \u201cWe appear to be entering a recession after a 10+ year economic boom,\u201d Coinbase CEO Brian Armstrong said in a Tuesday blog post. \u201cA recession could lead to another crypto winter, and could last for &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1515415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1515295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1515295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1515295"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1515295\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1515415"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1515295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1515295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1515295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}