Coinbase (COIN)

What do you guys think of COIN? When it IPO’d it definitely had too much heat on it (P/E was near 200) but now its finally getting closer to a price that’s viable. At $200 (currently at $228.79) it would be near 100 P/E so I was thinking at 50 PE (Price of $100) it could potentially be a good long term hold. I noticed their fees are insane (2-5% per trade) and also as prices for crypto go down the trade volume (revenue) also goes down. For now they are the best looking trading platform and the most popular. By going public they could do a lot more to make trading/sending/receiving crypto much easier. There is a lot of room for innovation as they are a pioneer in the industry but also a lot of risk. Even if they make a really great trading platform and have a lot of good ideas they wouldn’t be able to survive without growing trading volume. What do you all think?

Found this today

keep in mind q1 profits were literally 750m. we dont know the rest of 2021 but annualized it would be 3b. at a 50b market, thats really closer to 17x. lots of headwinds though. does crypto really have a future? will volumes continue to increase? are fees on the way down similar to commissions for traditional brokerages.

The tough part is the volatility of earnings correlated with the underlying coins. It’s like a levered exposure to coins

Not to mention competition.

apparently interactive brokers will b entering the space. RIP coinbase. lol. they’re going to drive comissions to the ground.

I agree with the guy in the video. If you’re betting on Coinbase it makes sense to instead just put your money directly on crypto because their success will directly impact Coinbase.