Speaker 2
I wouldn't say it's falling apart. The company is publicly traded. It did have a market cap that's probably about 90% above what it is today. But the company has real revenue. The company is laying off some people. It's laying off 20% of its workforce. It previously laid off 18%. But the company is regulated by the US government. The company is a very large company that deals with trading of Bitcoin and other cryptocurrencies and it has a real business, has real revenue, and it seems to be doing the opposite of what FTX did. It doesn't trade for its own account. It doesn't have its own coin that or token that it's created. So it's much different than FTX. Unfortunately, it's been hurt by the FTX challenges. What does
Speaker 1
your take on this, and as you talk to Brian in the news flow and the concentration that I as an amateur see with Binance as well, does he have a strategic ability to recover? Is there a Coinbase difference because of Mr Armstrong?
Speaker 2
Well, Brian is a very smart person. As you point out, he's an engineer. His parents were engineers as well and involved in computer software. He really is a very, very smart, highly focused person. He's built a very good company, which is now caught in a maelstrom of the problems of FTX. But I think his company is one that that really does have real revenue. It does serve a real purpose. If you want to buy a cryptocurrency, you can do it through his company and it's regulated by the US government's publicly traded company. Now, the stock has gone down a fair bit, but that's not unexpected. A lot of technology companies are going down. And obviously a lot of crypto companies are going down
Speaker 1
as well. David, did he speak of his future about his linkage to the underlying? I'm going to use the price of Bitcoin there from 50,000, 60,000 on down to a present, 17,000. How critical is the price of Bitcoin for his operational path forward?
