Coinbase co-founder says this isn’t a market top for crypto

Coinbase co-founder says this isn’t a market top for crypto

Coinbase co-founder Fred Ehrsam told CNBC on Wednesday the cryptocurrency market has not yet reached its apex, even if trading in various digital coins remains choppy going forward.

Ehrsam's comments on "Closing Bell" came shortly after Coinbase went public through a blockbuster direct listing on the Nasdaq, a major milestone for crypto in its journey toward institutional acceptance.

While skeptics remain, Ehrsam said they have continually been proven wrong since he became involved in bitcoin two years after its creation in 2009.

"As somebody who's been working in crypto for 10 years, I've heard that statement hundreds, if not thousands, of times," Ehrsam said, when asked by CNBC's Sara Eisen whether the current hype around the crypto market could signal "this is the top."

Ehrsam co-founded Coinbase in 2012, when bitcoin was around $6, and still serves on the company's board of directors. Co-founder Brian Armstrong serves as CEO of Coinbase, the largest cryptocurrency exchange in the U.S.

"I think it will be volatile from here, but that's just the nature of such a huge technology coming into existence, and I don't think it could happen any other way," said Ehrsam, managing partner at crypto-focused investment firm Paradigm.

Bitcoin has been on a tear since last