Bitcoin’s (CRYPTO: BTC) long-term adoption story remains firmly intact, according to Coinbase’s Chief Policy Officer Faryar Shirzad.
Yet, technical analysis points to further lackluster price action ahead.
Why Bitcoin Remains the ‘Best-Performing Asset’
Speaking in an interview with Fox Business on Aug. 10, Coinbase Chief Policy Officer Faryar Shirzad acknowledged that crypto markets are facing global macroeconomic headwinds.
He characterized the weakness as another stage in the industry’s recurring adoption cycle.
"Bitcoin still remains the best performing asset ever," Shirzad pointed out, putting emphasis on what he described as extraordinary adoption in the U.S. and globally.
Shirzad said he does not know when the crypto market will recover but noted that previous downturns have ultimately established the foundation for subsequent expansions.
"This is the third downturn I’ve been a part of," he stated. "Each of those downturns ends up being the floor for the next upturn."
Shirzad also addressed the delayed CLARITY Act after the Senate left Washington without voting on the crypto market structure legislation.
He remains optimistic that lawmakers can reach a bipartisan agreement.
