Coinbase CEO says "crypto is now the norm for institutional portfolios"

According to Bitcoin.com, Coinbase CEO Brian Armstrong said during the company's recent Q4 20/23 earnings call that "every institutional investor now owns crypto. Cryptocurrency has become a standard asset in institutional portfolios." "Institutions will continue to put crypto on their balance sheets and use it to pay counterparties, pay employees, and more. We've always said that a BTC spot ETF would be a win-win for Coinbase, and we're seeing results that prove it. The Gold ETF launched in November 2004 and took a year to grow to $3 billion, while the BTC Spot ETF did it in just a few weeks. This is just the beginning. The financial system is now officially embracing cryptocurrencies, and there is a growing recognition that Coinbase is the most trusted partner in this process. The BTC Spot ETF is having an incredibly positive impact on Coinbase's business.