Coinbase CEO Brian Armstrong has acknowledged that the corporate is shopping for Bitcoin on a weekly foundation.
He has additionally urged followers to go lengthy on the flagship cryptocurrency whereas it’s at present approaching a brand new document excessive.
In response to the most recent information, Coinbase is at present the tenth-largest company holder of Bitcoin. The greenback worth of its BTC holdings at present stands at $995 million.
The main cryptocurrency is altering palms at $107,363, in accordance with CoinGecko information.
From Bitcoin maximalism to altcoin deluge
In a now-deleted tweet that was posted a decade in the past, Armstrong described altcoins reminiscent of XRP and Stellar (XLM) as a “distraction,” arguing that Bitcoin was truly “approach far forward” of them. Later, nevertheless, Armstrong has deserted this distinctly maximalist tone.
Coinbase, which was launched all the way in which again in 2012, was initially centered completely on Bitcoin regardless of the existence of a slew of other cryptocurrencies.
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The pioneering U.S. change lastly added help for Ethereum (ETH) in 2016. This marked a significant pivot from the Bitcoin-only maximalist ethos.
In 2018, Coinbase opened the floodgates by enabling help for ERC‑20 tokens. In the course of the bull market euphoria, the change listed almost 100 new tokens in a 12 months.
Following the altcoin deluge, Armstrong and Coinbase routinely draw criticism from Bitcoin maximalists for prioritizing hype-based listings as a substitute of specializing in the most important cryptocurrency.