Coinbase CEO Brian Armstrong says that company leaders are increasingly choosing to prevent traditional journalists from speaking directly to audiences on unmediated social networking platforms.
“Our customers are on YouTube/podcasts/social networks, not reading traditional media,” Armstrong said in a May 22 Twitter thread, adding that companies are now “able to control their own distribution channels” in today’s media landscape.
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Posting on our own blog/twitter/YouTube allows us to say what we have in mind and talk to our clients, not get a quote on an otherwise balanced (or sometimes completely bad/stupid) article.
CEO of cryptoexchange avoids traditional media
Armstrong added the disclaimer that “there are high-quality journalists out there, and journalism plays an important role in society.
However, Armstrong believes the best strategy is to build relationships with 3-5 “respected traditional journalists” and then spend [most] of the time on modern channels.
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“Going on a national television show could bring (literally) 100 visitors to your website,” he added, contrasting that with 10,000 visits from a technology publication, suggesting that he has not completely given up on the specialist reporters.
The CEOs of cryptoexchanges weigh
Armstrong’s post provoked responses from numerous crypto executives who offered their views on navigating the contemporary media landscape.
Catherine Coley, the CEO of Binance.US, said: “I really believe in the Bitcoin Revolution, Bitcoin Era, Bitcoin Profit, Bitcoin Code, Bitcoin Evolution, Bitcoin Billionaire, The News Spy, Immediate Edge, Bitcoin Circuit, Bitcoin Trader and how important it is. Yes, now we can talk directly to today’s users, but for the industry to move forward it’s more about telling stories through incredible storytellers.
Kraken co-founder Jesse Powell said, “Part of the problem is that media outlets are constantly looking for some sensationalist angle, a slight mistake to repeat out of context, and so on.
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“It is high risk and low reward in relation to publishing your own content or making a podcast/live video that cannot be distorted,” he added.