In his recent quarterly earnings call, Coinbase CEO Brian Armstrong said, “Ironically… I’ve never been more bullish on where we are as a company.”

He said that in the midst of a cryptocurrency free-fall. Coinbase stock dropped 60% in five days.

Armstrong even admitted that he’s anticipating a so-called “crypto winter.” But he is confident that the company can survive it by making good use of its $7 billion balance sheet and by “hiring talent and acquiring companies.”

Maybe. I don’t think the cryptocurrency industry is over yet. There will likely be upticks in the future. But given the existential threat that cryptocurrencies pose to all governments that print fiat currencies, I’m betting they will become, in my lifetime, a thing of the past.