Bear Market Preparation! Coinbase CEO: Uncertain how long the downturn cycle will last, COO: Halting manpower expansion.

The largest cryptocurrency exchange in the United States, Coinbase, has seen a significant drop in its stock price since going public. Following a bear market trend, its financial report for the first quarter of 2022 showed losses, leading to concerns about potential bankruptcy. Possibly in response to these concerns, Coinbase CEO Brian Armstrong and COO Emilie Choi recently issued public letters to employees.

CEO Brian Armstrong: Stay Focused During Market Downturns

Brian Armstrong stated: "I don't know how long this downturn cycle will last, or if we're at the bottom. I just know that we'll get through it, if we stay focused on the important things: building, we'll come out stronger than ever."

Reflecting on his open letter during the IPO: "We need to make sure we don’t let the current hype go to our heads. At the end of this cycle, we may see crypto prices or our stock price drop, and some people may panic and exit crypto again. Whatever the market is doing that day, we need to ignore that volatility and continue to focus on the long-term goal."

COO Emilie Choi: Pausing Hiring Expansion

Emilie Choi addressed practical issues: "To ensure that we are best positioned for success during and after the current market downturn, we are announcing that we are slowing down our hiring pace so that we can reprioritize hiring needs based on our most critical business objectives."

Bear Market: Talent Release Wave

In 2018, the cryptocurrency market entered a long bear market, during which many companies went bankrupt, venture capital activities slowed down, and there was a significant movement of industry personnel. The investment firm Dragonfly's letter to investors also predicted: "In the next 3 months, a large number of talents will enter the market, and the bargaining power between talents and companies will return to normal."