Unless you’ve been living under a rock, you know that one of the most exciting use cases of crypto is to both earn yield and get low-interest credit loans, especially since you earn next to nothing in your actual bank account. Nexo is leading the charge in this arena with 360-degree crypto banking services.If you are looking to park your crypto and earn yield, you can make up to 12% annual interest for doing nothing. If you are looking for a loan, they have them for as little as 5.9% APR and you don’t have to sell your crypto which is a taxable event. Their credit lines are dynamic, meaning that as the value of your crypto goes up, so does your available credit. Really cool and innovative.Check them out HERE and put your crypto to work for you.Coinbase absolutely blew their quarterly earnings out of the water,As expected, Coinbase announced their quarterly earnings report yesterday in epic fashion. Here are some stats:1. Verified Users of 56 million (last year was 43 million total)2. Assets on Platform of $223 billion (last year was $90 billion)3. Total Revenue of approximately $1.8 billion (last year was $1.14 billion) 4. Net Income of approximately $730 million to $800 million (last year was $332 million)To be clear, they effectively did better in every metric in only three months than all of last year. If you read further into their public statement in their report, they spoke about how their business model moves with Bitcoin’s cycles, which I found interesting. “These cycles can be highly volatile, and as a result, we measure our performance over price cycles in lieu of quarterly results. We believe that we can create long-term value throughout these price cycles.”Coinbase isn’t dumb - they know that their business model’s metrics depend on Bitcoin’s growth. They even wrote out their future plans for if the market fails to grow at the levels investors are expecting.The last thing I wanted to directly share was their statement on institutional interest, “We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class. However, our institutional revenue is inherently unpredictable given the factors listed above.” Coinbase knows what's coming. They can dumb it down as much as they want and cover their ass if things don't work out, but this is all the proof you need to know that institutions are here. Also, 56 million users is a serious number; if all their customers are U.S based, that would represent about 17% of the population. Currently, research suggests that a little over half of Americans own stock and invest. It isn't unreasonable to believe that Coinbase can bring their 17% up to 34% and double their numbers across the board. This may just take a 2-3x out of Bitcoin which is certainly possible. As good as Coinbase is doing as a company, we all know that they still have major issues at scale. The exchange freezes or goes offline every time Bitcoin shows even minimal volatility. Imagine if they fix their issues and the market continues to perform well. The numbers above are only scratching the surface if just a few things go their way in 2021.I have no particular love for Coinbase, but I hope that they do well. It would be good for the entire crypto market. I believe they will end up being one of the 5 or 10 most important companies in the world, period.Read more about Coinbase earnings here.This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Chart Request live stream today at 2 PM EST. Please follow the rules. The market looks bad today, so please consider your request because likely every chart will look similar on a day like this. I cannot take requests at any other time, so if you send them during a different window they may not get charted.1 chart per person, per weekSubmit between 8 AM and 1 PM EST todaySubmit request by replying to this newsletterBe specific about BTC or USDT pair. I assume BTC pair if nothing is specified.If it is not on TradingView, there is a chance I will not able to chart ithttps://www.youtube.com/watch?v=bF5Rp8S3s24In This Issue:Coinbase Crushes EarningsBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsXRP Gains The Upper Hand In Ongoing SEC LawsuitCZ Is A GigaChadJamie Dimon Thinks US Economy Is About To PumpMy Recommended Platforms And Tools
The Wolf Den #215 - Coinbase Crushes Earnings
The Wolf Den #215 - Coinbase Crushes Earnings
The Wolf Den #215 - Coinbase Crushes Earnings
Unless you’ve been living under a rock, you know that one of the most exciting use cases of crypto is to both earn yield and get low-interest credit loans, especially since you earn next to nothing in your actual bank account. Nexo is leading the charge in this arena with 360-degree crypto banking services.If you are looking to park your crypto and earn yield, you can make up to 12% annual interest for doing nothing. If you are looking for a loan, they have them for as little as 5.9% APR and you don’t have to sell your crypto which is a taxable event. Their credit lines are dynamic, meaning that as the value of your crypto goes up, so does your available credit. Really cool and innovative.Check them out HERE and put your crypto to work for you.Coinbase absolutely blew their quarterly earnings out of the water,As expected, Coinbase announced their quarterly earnings report yesterday in epic fashion. Here are some stats:1. Verified Users of 56 million (last year was 43 million total)2. Assets on Platform of $223 billion (last year was $90 billion)3. Total Revenue of approximately $1.8 billion (last year was $1.14 billion) 4. Net Income of approximately $730 million to $800 million (last year was $332 million)To be clear, they effectively did better in every metric in only three months than all of last year. If you read further into their public statement in their report, they spoke about how their business model moves with Bitcoin’s cycles, which I found interesting. “These cycles can be highly volatile, and as a result, we measure our performance over price cycles in lieu of quarterly results. We believe that we can create long-term value throughout these price cycles.”Coinbase isn’t dumb - they know that their business model’s metrics depend on Bitcoin’s growth. They even wrote out their future plans for if the market fails to grow at the levels investors are expecting.The last thing I wanted to directly share was their statement on institutional interest, “We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class. However, our institutional revenue is inherently unpredictable given the factors listed above.” Coinbase knows what's coming. They can dumb it down as much as they want and cover their ass if things don't work out, but this is all the proof you need to know that institutions are here. Also, 56 million users is a serious number; if all their customers are U.S based, that would represent about 17% of the population. Currently, research suggests that a little over half of Americans own stock and invest. It isn't unreasonable to believe that Coinbase can bring their 17% up to 34% and double their numbers across the board. This may just take a 2-3x out of Bitcoin which is certainly possible. As good as Coinbase is doing as a company, we all know that they still have major issues at scale. The exchange freezes or goes offline every time Bitcoin shows even minimal volatility. Imagine if they fix their issues and the market continues to perform well. The numbers above are only scratching the surface if just a few things go their way in 2021.I have no particular love for Coinbase, but I hope that they do well. It would be good for the entire crypto market. I believe they will end up being one of the 5 or 10 most important companies in the world, period.Read more about Coinbase earnings here.This newsletter is sponsored by PHEMEX, the only exchange that I use to trade crypto with leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.Chart Request live stream today at 2 PM EST. Please follow the rules. The market looks bad today, so please consider your request because likely every chart will look similar on a day like this. I cannot take requests at any other time, so if you send them during a different window they may not get charted.1 chart per person, per weekSubmit between 8 AM and 1 PM EST todaySubmit request by replying to this newsletterBe specific about BTC or USDT pair. I assume BTC pair if nothing is specified.If it is not on TradingView, there is a chance I will not able to chart ithttps://www.youtube.com/watch?v=bF5Rp8S3s24In This Issue:Coinbase Crushes EarningsBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsXRP Gains The Upper Hand In Ongoing SEC LawsuitCZ Is A GigaChadJamie Dimon Thinks US Economy Is About To PumpMy Recommended Platforms And Tools