EddieJayonCrypto
16 May 24
Coinbase has shown an impressive ~234% return over the past year, aligning with the performance of major cryptocurrencies such as Bitcoin. However, the momentum in cryptocurrencies seems to be waning, indicating a potential conclusion to the current bull market. There is debate regarding the viabili...
Coinbase has shown an impressive ~234% return over the past year, aligning with the performance of major cryptocurrencies such as Bitcoin. However, the momentum in cryptocurrencies seems to be waning, indicating a potential conclusion to the current bull market. There is debate regarding the viability of certain cryptocurrencies, with a specific focus on Bitcoin, which is argued to lack attributes of a viable currency, inflation hedge, or means of wealth storage. It is suggested that cryptocurrencies serve as a symbol of defiance against an unstable monetary system rather than directly functioning as an inflation hedge. Despite assumptions of robust EPS growth, Coinbase's valuation appears inflated, leading to a cautious long-term stance contingent on the potential conclusion of the current Bitcoin bull market.
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