Once upon a time, in the magical lockdown days when sourdough starters and crypto portfolios were all the rage, a company called Coinbase was amassing users while Bitcoin prices were skyrocketing. Fast forward to 2022 and beyond: Bitcoin’s price has quadrupled, yet Coinbase’s monthly transacting users… haven’t exactly followed. However, its stock price remains correlated with the BTC price. Why? Firstly, revenue: even though Coinbase’s userbase stagnates, the users’ trade volume follows BTC’s price. Secondly, hype: blockchain speculations follow the BTC hype and Coinbase benefits from it. And hey, who’s to say Coinbase won’t surprise us all with an all-time high user count in Q4? Let’s meet on RAST.guru in January to see how it all shakes out.
