I'm fairly certain Coinbase is a leading target for Bill Ackman's SPAC ($PSTH), so this is interesting timing for all here. Coinbase is likely particularly sensitive to negative stories and possible regulatory action right now.
40 karma · joined October 17, 2020
Hilarious to think he's basically treating his corporate treasury as a Wallstreetbets Robinhood account.
If they are remotely right that bitcoin is a liquid inflation protected asset then the demand for such an asset should increase in a world of more and more QE from central banks.
So the main type of inflation we're seeing right now is in financial assets, not everyday consumer goods.
Assets have been rallying across the board after Biden looked like he was going to win. The theory is that because it appears the Republicans will still hold on to the Senate, the government will effectively be gridlocked and the Fed will have no choice but to increase asset buying in absence of big fiscal stimulus.
You can see that in rates crashing Tuesday/Wednesday after rising in anticipation of a "Blue Wave" that never happened and risk assets increasing across the board.
They have a valuation of around 1T, which is now less than half Apple, and a third less Amazon.
Search has naturally become less essential to accessing the internet when people are spending more and more time on closed platform native apps, streaming services, gaming, etc. They seem to have put all their eggs in the search basket, which looks risky in a world where the most popular platforms keep people off the open internet.
I think people often forget that PayPal has a $250B market cap and is one of the largest companies by valuation in the world...