Coinbase, which received high attention, finally went public. After listing, Coinbase's market value was once very close to 100 billion US dollars. Because the bull market is still going on, I believe it will be sooner or later that Coinbase's market value will exceed $100 billion in this bull market.
Regarding the possible impact of Coinbase’s listing on the next market, several major exchanges and decentralized exchanges, as well as the entire DeFi and the broader market, I have shared my views with you in the article a few days ago. Today I want to talk to you about the details of Coinbase's growth process that impressed me a lot.
Armstrong, one of Coinbase's founders, first came into contact with Bitcoin in 2010. In those days, Bitcoin was still a very small new thing, and the vast majority of the people in today's circle were just passers-by in their respective industries.
In that barren era, Armstrong dared to buy 1,000 bitcoins for $9, and still stayed on the market when it fell to $2. It can be seen from this incident that he psychologically withstood at least two major pressures that ordinary people can hardly resist: one is the daring to buy something that is considered useless, and the other is that he did not treat bitcoin in it from a purely investment perspective. It sells when it plunges, and it is very likely to realize its value inwardly and see its future.
I often say that the most important thing in investment is to invest in people. Who do you invest in? It's someone who has such an abnormal temperament, who has qualities that ordinary people don't possess, and traits that ordinary people don't possess.
After buying Bitcoin, Armstrong didn't stop there. Instead, he thought of setting up a Bitcoin exchange and applied for a roadshow and incubation to the famous Silicon Valley venture capital YC with an 11-page PPT that was too simple.
Looking at the lifeless, pale and crude PPT, and thinking about the only digital currency that year, Bitcoin, I can hardly imagine what investors who were sitting in the YC roadshow room watching Armstrong’s speech would think of this project?
Coinbase has been losing money for a long time after its establishment, and it was not profitable for the first time until 2017. His founder spent a lot of time and energy on compliance operations, trying his best to cooperate with the government and with supervision.
Many people will ask: Why didn't he try to make money first like all other exchanges in the same period, but spend a lot of time and resources on these "boring" things?
I think this is the result of his careful deliberation and the result of his in-depth understanding of digital currency.
I believe that Armstrong must have seen the troubles caused by the anonymity, cross-border, and permissionless features of digital currency. It is also expected that sooner or later the supervision will be involved in this industry, and this industry must be supported and supported by the supervision for long-term operation. license. Therefore, he would rather lay the "foundation" first and pave the foundation stone that is conducive to the long-term development of his career, and then pursue a great cause.
This practice of giving up short-term interests for the sake of long-term interests is very rare in this circle. He has to endure the short-term blooms of the market, withstand the enviable returns of competitors, refuse any temptation, and persist in loneliness consistently.
Seeing this, I can't help comparing Armstrong's insistence with our insistence on investing in the bear market. This comparison shows his hardships and pains: In the bear market, he can see his head at any rate, and I have a rough judgment on when the bear market will end and when the bull market will begin. The hard time for this fixed investment is at most two or three years.
Counting from its official establishment in 2012, coinbase made its first profit in 2017, and it has survived losses for the entire 5 years. On the one hand, you have to endure losses, and on the other, you have to spend time and energy to do things.
We should look more at the hardships and persistence of coinbase today when we see today's highlight moment.
