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Coinbase yahoo finance10/4/2023 But we are still very optimistic on that future for the industry. And this will get people back to the serious stuff around building real use cases. And now it's very obvious that Coinbase is where there's safety and soundness, in our opinion.īut the long term is really about the blockchain technology. On the institutional side, Coinbase will probably actually consolidate shares very quickly here because people still need a custodian if they're not completely out of the industry. And so in the very near term, in my opinion, people are probably selling their crypto assets and moving to the sidelines on the retail side. And so in our opinion, blockchain technology is disruptive and will change a lot of aspects of how business is done over the long term.Īnd so Coinbase is a major on ramp an off ramp into that. But that's really what you need to have, only a couple of percent, for this to be a thriving industry. I'm on record saying that I think only a couple percent of those actually have real utility and real opportunity. Now, we can all also probably agree that there's a lot of excess in the industry over the past couple of years. So I think you have to take a step back and talk about the actual reason this industry exists and whether you believe that the blockchain technology and some of the crypto assets that have been created actually have real utility and that will continue to evolve. I would think that that would be a huge risk then when we talk about the impact that could have on Coinbase. You mentioned the impact that this could potentially have just in terms of adoption. You have an outperform rating on Coinbase. And Devin, that really explains then why the ratings that you have on these stocks. So we think the move in Robinhood is a pretty big overreaction. Fundamentally, they're very little affected by what's going on here, in our opinion. So there's pressure there just because there's uncertainty around what happens with their shares. SBF, Sam Bankman-Fried, he owned over 7% of Robinhood shares. So there's going be a lot of uncertainty. ![]() And firms like Goldman Sachs and JPMorgan, they took market share, and they came back much stronger.īut you have to get on the other side of that first. And so we're not, from a long-term perspective, that concerned, particularly when you look at- I covered the investment banks through the financial crisis. People likely pull money off the platform. So we're not being dismissive that- this hurts adoption. They hold their customer assets one for one.Īnd so the bank run that happened with FTX and maybe some of the other impropriety, in our opinion, is really not something that pertains to a firm like Coinbase. Coinbase is a regulated public company in the US. But you mentioned a couple, Coinbase and Robinhood. And so that creates a lot of I think distrust for the broader industry.Īnd it's unfortunate because there are, in our opinion, a lot of good players, whether it be crypto assets and their protocols or companies that are providing the infrastructure for the space. And there's still a heck of a lot of uncertainty in terms of where we go from here, where all the money trail goes and kind of the tangled web. So there's no doubt this is a huge black mark for the industry. DEVIN RYAN: I think you have to separate what's going on in the broader industry and some of the stronger players in the space.
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