https://www.zerohedge.com/markets/we-appear-be-entering-recession-coinbase-explains-why-it-fire-18
First on the butcher’s block was Compass which announced a plan to slash 10% of its workforce, or about 450 employees, according to Bloomberg, citing a person familiar with the matter who asked not to be named.
With bitcoin crashing to $21,000 overnight down more than two thirds from its all time high as opportunistic traders short the crypto in hopes of forcing Celsius to liquidate, and Microstrategy to get a margin call (it won’t until bitcoin drops to 4K), moments ago the CEO of the largest US crypto exchange, Brian Armstrong, head of Coinbase, sent a letter to all his employees that he will fire 18% of the company’s employees as “appear to be entering a recession after a 10+ year economic boom” and since another “crypto winter” is on deck, he has “to ensure we stay healthy during this economic downturn”. His full letter is below, and while reading it, consider that every other startup – and certainly those that are unprofitable (Coinbase at least has positive EBITDA) which would be about 99.9% of them – will be sending out identical letters in the coming days if not hours, as the tidal wave of mass layoffs we discussed recently becomes a tsunami…
… and the recession is a fact by September.
The Tribulation is commencing…
Please repent, carry your cross daily and accept the free gift of Jesus Christ’s Death on the Cross for payment for your sins.
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