Coinbase Global Inc. (NASDAQ:COIN) CEO Brian Armstrong acknowledged on Tuesday that the company is “misunderstood” on Wall Street, stating that some traditional finance players have not been able to stomach the cryptocurrency “disruption.”
Is TradFi Skeptical Of Crypto?
In an X post, Armstrong said that while one section has been “leaning” and “embracing” cryptocurrency, the other half has been “resisting.”
“I think some of these people are just inherently skeptical of crypto because of incentives – their whole careers have been built in the traditional financial system,” the cryptocurrency mogul argued. “They’re skeptical because it feels like a threat.”
Citing Uber Technologies Inc. (NYSE:UBER) as an example, Armstrong said taxi companies would naturally view the ridesharing model unfavorably.
“Crypto is directly disrupting Wall Street, so it makes sense that some on Wall Street would misunderstand crypto/Coinbase,” he said. “The laggards are going to be left behind.”