Brian Armstrong, CEO of the cryptocurrency platform giant Coinbase, claimed in an interview with Bloomberg that around 50,000 new users continue to register for its services every day — despite recent year-to-date lows.

Coinbase CEO Brian Armstrong sat down with Bloomberg yesterday to discuss the future of cryptocurrency at the Bloomberg Players Technology Summit held in San Francisco. During the interview, Armstrong was asked about the giant half-dead elephant in the room — the large decline in the price of Bitcoin and other major cryptocurrencies so far in 2018. Armstrong responded, stating simply that:

This technology is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.

Historically, Bitcoin has had four major periods of explosive growth, followed by a correction and plateau period. Just like the periods of correction and plateau in the past, many new investors who entered the market during one of the big run-ups are feeling discouraged and pessimistic about the future of Bitcoin and other major cryptocurrencies after realizing large losses on the value of their investments.