A good, no-BS thread explaining the bear angle for $COIN. I am long the stock and have a few counterpoints which I'll dive into below.
h/t @Pigeonomics for referringhttps://twitter.com/eriz35/status/1415296398971621380 …
Show this thread
-
I still think Coinbase can hit $6 billion in revenue this year based on crazy volumes in 1H 2021 and sluggish volumes in 2H. The 45% net margins I reference above is a bit high - if we cut that to 35% we get $6B x 35% = $2.1B in net income.
$COIN mkt cap of $63B / 2.1 = 30x PEShow this thread
year.
More detailed explanation below from a piece I wrote in May:
Where I see good risk/reward is considering the prospect of more crypto blowups later in the year, which would take Coinbase's revenue past $6B and earnings much higher than $2.1B. Idk what will happen to crypto this year but odds are volatility will return.
-
-
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.