Coinbase Shows Massive Potential
Coinbase continues to be a stock that I believe has the potential to be a monster winner in the coming months. As mentioned in my August 2021 post and in my September 2021 post, it is very possible that Coinbase will play a similar role to Charles Schwab in the 1990s. With the advent of online trading, discount brokers became a major player in the trading industry. Likewise, as cryptocurrency trading gains more and more popularity, Coinbase is likely to benefit greatly. In fact, COIN has already sported some outstanding numbers with triple-digit accelerating earnings and sales as well as accelerating margins. In addition, fund ownership has been increasing in COIN over the last year, which is another bullish sign. While many retail investors bought into the much hyped Coinbase IPO, the major accumulation began in October with massive volume rocketing COIN past the $300 level. This makes sense given the strong moves we are seeing in Bitcoin, Ethereum and other cryptocurrencies. As Bitcoin and Ethereum continue to rise, more and more investors will look to gain ownership in cryptocurrencies, leading to increased revenues for the most-well known cryptocurrency exchange, Coinbase. Moreover, if inflation becomes a major concern in the coming months, I believe the demand to own cryptocurrencies will expand drastically as investors look for a place to park their capital. These all point to potentially bullish times for Coinbase.
Risk right. Sit tight.
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Full Disclosure: I currently own Coinbase, Ethereum, and Bitcoin.
Full Disclosure: This post contains affiliate links to Coinbase and Gemini.
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