"I Think Crypto Is Dead"; Investing in Coinbase Is a "Waste of Time": Mizuho Analyst

Seeking Alpha2022-11-28

Mizuho analyst Dan Dolev said he believes that crypto may be done after the recent woes for now bankrupt crypto exchange FTX.

"I think crypto is dead and I think that investing in Coinbase (NASDAQ:COIN) isjust a waste of time," Dolev said in a Friday interview with CNBC.

"What FTX taught you is that one day you could be worth the world and the second day you could be worth nothing and I think consumers are going to be very very scared," Dolev said.

He said that any market share gains that Coinbase (COIN) may see due to the demise of FTX are "very minimal'' in the greater scheme of things.

"I wouldn't get over excited about them because the overall volumes are comin""down," Dolev said. "They are making like $600 million in revenue and $1.2 billion in losses. It's a very bad business right now."

Dolev's comment are similar to Barclays analyst Benjamin Budish, who on Tuesday wrote that he expected Coinbase's revenue to see "minimal potential upside" from the implosion of rival FTX.

Earlier this month famed short seller Jim Chanos said Coinbase has a business model problem -- it doesn't work.

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Comments

  • kevinlaisq
    2022-11-28
    kevinlaisq
    Ok
  • Take courage
    2022-11-28
    Take courage
    This could be truth if u believe so.
  • phantom74
    2022-11-28
    phantom74
    likd
  • Hayz
    2022-11-28
    Hayz
    Once institutions had enough of cryptos, everyone will FOMO in...LOL.
  • GoodLife99
    2022-11-28
    GoodLife99
    Good article obviously benefited for short seller [LOL]  [LOL]   what do you think?
  • Pablo_Chua
    2022-11-28
    Pablo_Chua
    Be greedy when others are fearful...contradian in play 
    • Ahlec
      can I just be rich?
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