Brian Armstrong

So far, they haven't been successful.

I mean, we have the strongest brand and the most trusted brand in crypto, certainly in the US and a number of other countries where we're the leader.

The way I think about this is that our strategy, really, we call it our asset accumulation strategy.

So because we have the most trusted brand, people feel comfortable storing their assets with us.

We now have about half a trillion dollars of assets.

And assets tend to be pretty sticky.

People don't move them very often.

And the more products you can connect into those assets, people are less likely to churn.

So that's why we're offering more trading products and DeFi BorrowLend and Coinbase Card and all these kinds of things.

And so we can monetize better the more products we have plugged into those assets.

We can invest that back in being the most trusted, and this asset accumulation flywheel just accelerates.

So we're storing more crypto assets than any other company in the world I'm aware of by a pretty wide margin, and I think that's gonna be defensible for a long time.

Yeah, well, just to be clear, I'm not necessarily seeing a crypto downturn coming.

I'm not sure where you're hearing that.

To me, that just sort of happens.

Every month, it's either up or down, so I don't know.

I don't think about it too much.

But we did acquire, I believe, 10 companies last year, and

Yeah, there's opportunities in any market.

When the market is up, we are just trying to scale and onboard new users and double down on the hype.