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 …
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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.
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year.
More detailed explanation below from a piece I wrote in May:
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yes I almost didn't include it for that reason! It's a very well run co, they seem to have a good grasp of the fundamental needs for their business. Very clean balance sheet. I suspect the margins will shrink as competitors enter the space tho. I look at this as a macro trade.
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