Coinbase CEO Brian Armstrong came under heavy criticism. He shared his assumption, which was extremely detached from reality even for the average bitcoin maximalist. For his contribution, Armstrong received great ridicule and criticism from analysts.
CEO Coinbase Brian Armstrong: Americans buy Bitcoin for checks
Armstrong shared a post in which he inferred from the chart that the Americans were buying Bitcoin for their checks of freshly printed money. He got a real mockery for it.
He shared a graph of how many people were sending $ 1,200 to Coinbas – the same amount as the state package.
— Brian Armstrong (@brian_armstrong) April 16, 2020
The first and perhaps sufficient argument in itself is that checks are sent in several waves. The first wave carried 80 million people. However, there were great problems with her. The banking system was not prepared for such an onslaught, so there were many problems with using the money.
The second argument is the totally nonsensical inaccuracy of the data and its insignificance. The increase from 0.1% of users to 0.4% was described by commentators as insignificant.
Lastly, it is worth mentioning that many people do not want to believe that at a time of a pandemic, many Americans would spend for Bitcoin.
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