Coinbase Stock Dips 224% Amid Trump's Pro-Crypto Push and 1000 New Hires

Coinbase, a leading cryptocurrency exchange, has announced plans to hire approximately 1,000 new employees in the United States this year. The decision comes as a direct result of former President Donald Trump's pro-crypto stance, which has significantly impacted the industry. CEO Brian Armstrong highlighted the positive influence of Trump's policies, stating that the current Congress is the most pro-crypto in U.S. history.

Armstrong made the announcement in a video posted on X, emphasizing the historic moment for the crypto sector following the White House Crypto Summit. The event, attended by industry leaders including Tyler and Cameron Winklevoss of Gemini, Michael Saylor of MicroStrategy, and Kris Marszalek of Crypto.com, was described as a pivotal moment for the industry. Armstrong credited Trump's leadership for bringing regulatory clarity and economic growth to the U.S., directly translating to Coinbase's expansion plans.

The hiring spree is expected to increase Coinbase's workforce by about 27%, based on current estimates. This expansion comes despite a recent dip in the company's stock price, which has fallen by 22.4% over the past month. The decline coincides with broader market downturns following Trump's proposed tariffs on several countries. However, Armstrong reassured investors that the company remains well-capitalized and that the crypto industry is here to stay.

Armstrong also reflected on his recent time at the World Economic Forum in Davos, where conversations with major market leaders were dominated by Trump's plans for digital assets. The former president's bold vision for making the U.S. the world capital of artificial intelligence and crypto has set a transformative tone for the industry. Armstrong praised Trump's approach, along with the leadership of other pro-crypto leaders, for embracing free markets as drivers of prosperity.

Among Trump's speculated plans is the creation of a Strategic Bitcoin Reserve, which hints at a broader vision for the future of digital assets. This commitment has sparked buzz across the crypto industry, financial markets, and the tech world, pushing industry players to step up and avoid being left behind in the rapidly evolving landscape.