Will Coinbase Go to Zero? The Next Crypto Exchange to Fall
Coinbase ($COIN) is attracted lots of attention lately for all the wrong reasons. CEO Brian Armstrong recently sold $1.6M of his shares recently. The FTX saga is making Coinbase users and investors worried.
Will Coinbase Go to Zero?
Consider this an unpopular take, but Coinbase will not go to zero.
Why? Because there has to be one decent exchange for new-comers to crypto currency.
As much as crypto stands for decentralized finance, there simply has to be a place beginners can invest in their favorite coins without going through the process of getting keys.
Coinbase ($COIN) has been coupled with prices of crypto since its IPO on April, 14 2021.
When Bitcoin and Ether rose, so did Coinbase. When they dropped, Coinbase fell too.
Fast forward to present day, and $COIN is trading below $50 per share.
To load up on $COIN calls or long shares right now would require a massive big D trader with nerves of steel.
However, it seems like Cathie Wood of Ark Invest has been loading the boat recently.
She bought 300,000 more shares of the crypto exchange this past week.
Cathie Wood bought 330,000 more shares of $COIN today.
We all know what this means. pic.twitter.com/HjLgqpBxLQ
— blake (@blakestonks) November 9, 2022
What’s her conviction? Well just about every other user on Twitter seems to think $COIN is a bad investment.
I stand with Cathie Wood.
It’s the unpopular opinion, but I believe Coinbase will be about to work the US Govt. and SEC to find a compromise for Crypto.
Coinbase has the best market share and could use the FTX fallout to become known as the “secure” exchange.
While it seems like a long shot now, Brian Armstrong is well positioned to take advantage of this fear.
Tobi Lutke, who founded Shopify, is also scooping up $COIN shares on the discount.
CEO of $SHOP continue to load $COIN shares as of last week. He has been loading around $3M worth of #Coinbase shares in 3 months. Future collaboration? 🤔 pic.twitter.com/vq1lAANwk2
— Ashley (@ashleyc9106) November 18, 2022
Does Tobi know something we don’t? Perhaps.
What’s your thought on Coinbase going to zero?
