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2021-12-09
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Coinbase Stock: Bull vs. Bear<blockquote>Coinbase 股票：牛市与熊市</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":602595503,"tweetId":"602595503","gmtCreate":1639038347537,"gmtModify":1639038347874,"author":{"id":3581931076615563,"idStr":"3581931076615563","authorId":3581931076615563,"authorIdStr":"3581931076615563","name":"7cbe39fd","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":31,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>Hi</p></body></html>","htmlText":"<html><head></head><body><p>Hi</p></body></html>","text":"Hi","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/602595503","repostId":1153197163,"repostType":4,"repost":{"id":"1153197163","kind":"news","pubTimestamp":1639037797,"share":"https://www.laohunote.com/m/news/1153197163?lang=zh_CN&edition=full","pubTime":"2021-12-09 16:16","market":"us","language":"en","title":"Coinbase Stock: Bull vs. Bear<blockquote>Coinbase 股票：牛市与熊市</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1153197163","media":"Motley Fool","summary":"The biggest crypto marketplace hasn't performed nearly as well as some of the biggest coins on its platform.","content":"<p>Mainstream cryptocurrency exchange <b>Coinbase Global</b> is the largest and best-known marketplace. Over 73 million verified users and some 10,000 institutions use its platform for investing in and holding around 120 different cryptocurrencies.</p><p><blockquote>主流加密货币交易所<b>比特币基地全球</b>是最大和最著名的市场。超过 7300 万经过验证的用户和约 10,000 家机构使用其平台投资和持有约 120 种不同的加密货币。</blockquote></p><p> The popular, easy-to-use interface has seen assets soar to $255 billion at the end of the third quarter, a seven-fold increase from the $36 billion it had one year ago. Despite the stellar gains, its stock hasn't been quite a star performer, with shares down about 20% from their debut via a direct listing in April.</p><p><blockquote>到第三季度末，这种广受欢迎、易于使用的界面使资产飙升至 2550 亿美元，比一年前的 360 亿美元增长了七倍。尽管涨幅巨大，但其股票表现并不出色，自 4 月份通过直接上市首次亮相以来，股价已下跌约 20%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68edf653981c880834000e5072fb8304\" tg-width=\"2000\" tg-height=\"1373\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> As a pick-and-shovel play on cryptocurrency, Coinbase has the potential to be a major winning investment, regardless of whether <b>Bitcoin</b> maintains its dominance or <b>Solana</b> or <b>Cardano</b> prove to be actual <b>Ethereum</b> killers.</p><p><blockquote>作为加密货币的挑选游戏，Coinbase 有潜力成为一项重大的成功投资，无论是否<b>比特币</b>维持其主导地位或<b>索拉纳</b>或<b>卡尔达诺</b>证明是真实的<b>以太币</b>杀手。</blockquote></p><p> However, it's still a hardscrabble play that has yet to perform as well as expected, and for some very good reasons. Below, you can divide into the bear and bull case for whether this is the best time to buy this crypto marketplace for your portfolio.</p><p><blockquote>然而，这仍然是一个艰难的拼字游戏，还没有像预期的那样表现，有一些非常好的原因。下面，您可以将这是否是为您的投资组合购买这个加密市场的最佳时机分为熊市和牛市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/542df2fd97487544fabce5abd68a05ea\" tg-width=\"2000\" tg-height=\"1356\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The other side of the Coinbase</b></p><p><blockquote><b>比特币基地的另一面</b></blockquote></p><p> <b>Rick Munarriz:</b>There's a lot to like about Coinbase as an investor -- until you start to zoom in as a crypto trader. Coinbase is the mainstream name that even crypto outsiders know, and understandably so with $255 billion in assets on platform. Unfortunately, it's more like crypto investing on training wheels. It's a nest to chirp away in as a baby bird until you're ready to fly. It's the first person you date and ultimately leave when things start to get serious.</p><p><blockquote><b>里克·穆纳里兹：</b>作为一名投资者，比特币基地有很多值得喜欢的地方——直到你开始成为一名加密货币交易员。比特币基地是连加密货币局外人都知道的主流名称，可以理解的是，该平台拥有2550亿美元的资产。不幸的是，这更像是对训练轮上的加密投资。这是一个可以像小鸟一样啁啾的巢，直到你准备好飞翔。这是你约会的第一个人，当事情开始变得严重时，你最终会离开。</blockquote></p><p> Crack open the hood, and you'll see a platform with high trading fees, a history of iffy customer service when things go wrong, and limited options to generate passive income on your investments. You might think it's great that you can earn 4.5% annually on your staked Ethereum, but that's only if you lock it up until the world's second-most-valuable digital currency completes its migration to proof of work. You can earn more than 4.5% on several smaller platforms without having to wait for an event with no actual date to regain access to your crypto. You would think that Coinbase would be the leader in yield on <b>USD Coin</b>, the dollar-pegged stablecoin that it created. Nope. All you can earn is 0.15% a year, whereas you can earn yields topping 10% on other platforms.</p><p><blockquote>打开引擎盖，你会看到一个交易费很高的平台，出现问题时客户服务不稳定的历史，以及从投资中产生被动收入的有限选择。你可能认为你可以在你的质押以太币上每年赚取4.5%的收益是很棒的，但这只有在你锁定它直到世界上第二有价值的数字货币完成向工作证明的迁移时。你可以在几个较小的平台上赚取超过4.5%的收入，而不必等待一个没有实际日期的事件来重新获得你的密码。您可能认为 Coinbase 会成为收益率的领导者<b>美元硬币</b>它创建的与美元挂钩的稳定币。没有。你每年只能赚取0.15%，而在其他平台上你可以赚取超过10%的收益率。</blockquote></p><p> Stock investors wooed by Coinbase and its high margins may want to take a closer look at the surprisingly low trailing earnings multiple. It's padded with one-time gains and a perfect storm that is highly unlikely to be duplicated. Analysts see earnings roughly cut in half next year. The bottom line isn't the only thing that is shrinking here. Monthly transacting users went from 8.8 million in the second quarter of this year to just 7.4 million in the third quarter. Trading volume in its latest report was lower than each of its two previous quarters. Cool nest. It's time to flap those wings and fly. It's not me. It's you.</p><p><blockquote>被 Coinbase 及其高利润率吸引的股票投资者可能想仔细看看令人惊讶的低追踪市盈率。它充满了一次性的收益和一场不太可能被复制的完美风暴。分析师预计明年盈利将大致减半。底线并不是这里唯一萎缩的东西。月交易用户从今年第二季度的880万下降到第三季度的仅740万。其最新报告中的交易量低于前两个季度。凉爽的巢。是时候扇动翅膀飞翔了。不是我。是你。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e2e4882a68944561380c7ec61f00bb8\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Patience is still key to investing</b></p><p><blockquote><b>耐心仍然是投资的关键</b></blockquote></p><p> <b>Rich Duprey:</b>Even in the crypto world, patience is an investor virtue. Even though Bitcoin has gone up 8 billion percent and <b>Shiba Inu</b> has rocketed 53 million percent higher just in 2021 alone, having a long-term outlook is justified when it comes to Coinbase despite it actually being down 38% from its high point.</p><p><blockquote><b>里奇·杜普雷：</b>即使在加密货币领域，耐心也是投资者的一种美德。尽管比特币已经上涨了80亿<b>柴犬</b>仅在 2021 年就飙升了 5300 万个百分点，尽管 Coinbase 实际上比最高点下跌了 38%，但对其进行长期展望是合理的。</blockquote></p><p> Volatility should be expected in the early days of crypto, let alone Coinbase, but such wild swings will impact its transaction revenue. As my colleague Rick notes, global trading volume for the third quarter was down 37% from the second quarter, leading to a 29% drop in Coinbase's volume.</p><p><blockquote>在加密的早期，波动性应该是意料之中的，更不用说比特币基地了，但这种剧烈的波动将影响其交易收入。正如我的同事里克指出的那样，第三季度的全球交易量比第二季度下降了37%，导致比特币基地的交易量下降了29%。</blockquote></p><p> Even so, Coinbase was able to report having 7.4 million monthly transacting users helping it to generate $1.2 billion in revenue -- the third straight quarter of over $1 billion generated. It reported $612 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), giving it amazing profit margins of 50%.</p><p><blockquote>即便如此，Coinbase 仍有 740 万每月交易用户，帮助其产生了 12 亿美元的收入，这是连续第三个季度的收入超过 10 亿美元。该公司报告调整后的息税折旧摊销前利润 (EBITDA) 为 6.12 亿美元，利润率高达 50%。</blockquote></p><p></p><p> So it's clear the business is solid and on a firm foundation, though I don't disagree with Rick that Coinbase can do some things better. Much better, even. Still, revenue is forecast to surge to over $8 billion by 2024 when adjusted EBITDA is expected to hit $2.8 billion.</p><p><blockquote>因此，很明显，这项业务是稳固的，并且建立在坚实的基础上，尽管我并不反对里克的观点，即比特币基地可以做得更好。甚至好多了。尽管如此，预计到 2024 年，收入将飙升至 80 亿美元以上，届时调整后 EBITDA 预计将达到 28 亿美元。</blockquote></p><p> Coinbase has been focused on achieving critical mass, and now as the preeminent crypto marketplace, it has the resources to further innovate in the space. This is a crypto name that has the potential to double, triple, or even become a ten-bagger for investors, so long as they have the patience to ride it out.</p><p><blockquote>比特币基地一直专注于实现临界质量，现在作为卓越的加密市场，它拥有在该领域进一步创新的资源。这是一个加密货币名称，只要投资者有耐心度过难关，就有可能翻倍、翻三倍，甚至成为十袋大亨。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Coinbase Stock: Bull vs. Bear<blockquote>Coinbase 股票：牛市与熊市</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCoinbase Stock: Bull vs. Bear<blockquote>Coinbase 股票：牛市与熊市</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-12-09 16:16</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Mainstream cryptocurrency exchange <b>Coinbase Global</b> is the largest and best-known marketplace. Over 73 million verified users and some 10,000 institutions use its platform for investing in and holding around 120 different cryptocurrencies.</p><p><blockquote>主流加密货币交易所<b>比特币基地全球</b>是最大和最著名的市场。超过 7300 万经过验证的用户和约 10,000 家机构使用其平台投资和持有约 120 种不同的加密货币。</blockquote></p><p> The popular, easy-to-use interface has seen assets soar to $255 billion at the end of the third quarter, a seven-fold increase from the $36 billion it had one year ago. Despite the stellar gains, its stock hasn't been quite a star performer, with shares down about 20% from their debut via a direct listing in April.</p><p><blockquote>到第三季度末，这种广受欢迎、易于使用的界面使资产飙升至 2550 亿美元，比一年前的 360 亿美元增长了七倍。尽管涨幅巨大，但其股票表现并不出色，自 4 月份通过直接上市首次亮相以来，股价已下跌约 20%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/68edf653981c880834000e5072fb8304\" tg-width=\"2000\" tg-height=\"1373\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> As a pick-and-shovel play on cryptocurrency, Coinbase has the potential to be a major winning investment, regardless of whether <b>Bitcoin</b> maintains its dominance or <b>Solana</b> or <b>Cardano</b> prove to be actual <b>Ethereum</b> killers.</p><p><blockquote>作为加密货币的挑选游戏，Coinbase 有潜力成为一项重大的成功投资，无论是否<b>比特币</b>维持其主导地位或<b>索拉纳</b>或<b>卡尔达诺</b>证明是真实的<b>以太币</b>杀手。</blockquote></p><p> However, it's still a hardscrabble play that has yet to perform as well as expected, and for some very good reasons. Below, you can divide into the bear and bull case for whether this is the best time to buy this crypto marketplace for your portfolio.</p><p><blockquote>然而，这仍然是一个艰难的拼字游戏，还没有像预期的那样表现，有一些非常好的原因。下面，您可以将这是否是为您的投资组合购买这个加密市场的最佳时机分为熊市和牛市。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/542df2fd97487544fabce5abd68a05ea\" tg-width=\"2000\" tg-height=\"1356\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>The other side of the Coinbase</b></p><p><blockquote><b>比特币基地的另一面</b></blockquote></p><p> <b>Rick Munarriz:</b>There's a lot to like about Coinbase as an investor -- until you start to zoom in as a crypto trader. Coinbase is the mainstream name that even crypto outsiders know, and understandably so with $255 billion in assets on platform. Unfortunately, it's more like crypto investing on training wheels. It's a nest to chirp away in as a baby bird until you're ready to fly. It's the first person you date and ultimately leave when things start to get serious.</p><p><blockquote><b>里克·穆纳里兹：</b>作为一名投资者，比特币基地有很多值得喜欢的地方——直到你开始成为一名加密货币交易员。比特币基地是连加密货币局外人都知道的主流名称，可以理解的是，该平台拥有2550亿美元的资产。不幸的是，这更像是对训练轮上的加密投资。这是一个可以像小鸟一样啁啾的巢，直到你准备好飞翔。这是你约会的第一个人，当事情开始变得严重时，你最终会离开。</blockquote></p><p> Crack open the hood, and you'll see a platform with high trading fees, a history of iffy customer service when things go wrong, and limited options to generate passive income on your investments. You might think it's great that you can earn 4.5% annually on your staked Ethereum, but that's only if you lock it up until the world's second-most-valuable digital currency completes its migration to proof of work. You can earn more than 4.5% on several smaller platforms without having to wait for an event with no actual date to regain access to your crypto. You would think that Coinbase would be the leader in yield on <b>USD Coin</b>, the dollar-pegged stablecoin that it created. Nope. All you can earn is 0.15% a year, whereas you can earn yields topping 10% on other platforms.</p><p><blockquote>打开引擎盖，你会看到一个交易费很高的平台，出现问题时客户服务不稳定的历史，以及从投资中产生被动收入的有限选择。你可能认为你可以在你的质押以太币上每年赚取4.5%的收益是很棒的，但这只有在你锁定它直到世界上第二有价值的数字货币完成向工作证明的迁移时。你可以在几个较小的平台上赚取超过4.5%的收入，而不必等待一个没有实际日期的事件来重新获得你的密码。您可能认为 Coinbase 会成为收益率的领导者<b>美元硬币</b>它创建的与美元挂钩的稳定币。没有。你每年只能赚取0.15%，而在其他平台上你可以赚取超过10%的收益率。</blockquote></p><p> Stock investors wooed by Coinbase and its high margins may want to take a closer look at the surprisingly low trailing earnings multiple. It's padded with one-time gains and a perfect storm that is highly unlikely to be duplicated. Analysts see earnings roughly cut in half next year. The bottom line isn't the only thing that is shrinking here. Monthly transacting users went from 8.8 million in the second quarter of this year to just 7.4 million in the third quarter. Trading volume in its latest report was lower than each of its two previous quarters. Cool nest. It's time to flap those wings and fly. It's not me. It's you.</p><p><blockquote>被 Coinbase 及其高利润率吸引的股票投资者可能想仔细看看令人惊讶的低追踪市盈率。它充满了一次性的收益和一场不太可能被复制的完美风暴。分析师预计明年盈利将大致减半。底线并不是这里唯一萎缩的东西。月交易用户从今年第二季度的880万下降到第三季度的仅740万。其最新报告中的交易量低于前两个季度。凉爽的巢。是时候扇动翅膀飞翔了。不是我。是你。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5e2e4882a68944561380c7ec61f00bb8\" tg-width=\"2000\" tg-height=\"1333\" width=\"100%\" height=\"auto\"><span>Image source: Getty Images.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>Patience is still key to investing</b></p><p><blockquote><b>耐心仍然是投资的关键</b></blockquote></p><p> <b>Rich Duprey:</b>Even in the crypto world, patience is an investor virtue. Even though Bitcoin has gone up 8 billion percent and <b>Shiba Inu</b> has rocketed 53 million percent higher just in 2021 alone, having a long-term outlook is justified when it comes to Coinbase despite it actually being down 38% from its high point.</p><p><blockquote><b>里奇·杜普雷：</b>即使在加密货币领域，耐心也是投资者的一种美德。尽管比特币已经上涨了80亿<b>柴犬</b>仅在 2021 年就飙升了 5300 万个百分点，尽管 Coinbase 实际上比最高点下跌了 38%，但对其进行长期展望是合理的。</blockquote></p><p> Volatility should be expected in the early days of crypto, let alone Coinbase, but such wild swings will impact its transaction revenue. As my colleague Rick notes, global trading volume for the third quarter was down 37% from the second quarter, leading to a 29% drop in Coinbase's volume.</p><p><blockquote>在加密的早期，波动性应该是意料之中的，更不用说比特币基地了，但这种剧烈的波动将影响其交易收入。正如我的同事里克指出的那样，第三季度的全球交易量比第二季度下降了37%，导致比特币基地的交易量下降了29%。</blockquote></p><p> Even so, Coinbase was able to report having 7.4 million monthly transacting users helping it to generate $1.2 billion in revenue -- the third straight quarter of over $1 billion generated. It reported $612 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), giving it amazing profit margins of 50%.</p><p><blockquote>即便如此，Coinbase 仍有 740 万每月交易用户，帮助其产生了 12 亿美元的收入，这是连续第三个季度的收入超过 10 亿美元。该公司报告调整后的息税折旧摊销前利润 (EBITDA) 为 6.12 亿美元，利润率高达 50%。</blockquote></p><p></p><p> So it's clear the business is solid and on a firm foundation, though I don't disagree with Rick that Coinbase can do some things better. Much better, even. Still, revenue is forecast to surge to over $8 billion by 2024 when adjusted EBITDA is expected to hit $2.8 billion.</p><p><blockquote>因此，很明显，这项业务是稳固的，并且建立在坚实的基础上，尽管我并不反对里克的观点，即比特币基地可以做得更好。甚至好多了。尽管如此，预计到 2024 年，收入将飙升至 80 亿美元以上，届时调整后 EBITDA 预计将达到 28 亿美元。</blockquote></p><p> Coinbase has been focused on achieving critical mass, and now as the preeminent crypto marketplace, it has the resources to further innovate in the space. This is a crypto name that has the potential to double, triple, or even become a ten-bagger for investors, so long as they have the patience to ride it out.</p><p><blockquote>比特币基地一直专注于实现临界质量，现在作为卓越的加密市场，它拥有在该领域进一步创新的资源。这是一个加密货币名称，只要投资者有耐心度过难关，就有可能翻倍、翻三倍，甚至成为十袋大亨。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/12/08/coinbase-stock-bull-vs-bear/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"COIN":"Coinbase Global, Inc."},"source_url":"https://www.fool.com/investing/2021/12/08/coinbase-stock-bull-vs-bear/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1153197163","content_text":"Mainstream cryptocurrency exchange Coinbase Global is the largest and best-known marketplace. Over 73 million verified users and some 10,000 institutions use its platform for investing in and holding around 120 different cryptocurrencies.\nThe popular, easy-to-use interface has seen assets soar to $255 billion at the end of the third quarter, a seven-fold increase from the $36 billion it had one year ago. Despite the stellar gains, its stock hasn't been quite a star performer, with shares down about 20% from their debut via a direct listing in April.\nImage source: Getty Images.\nAs a pick-and-shovel play on cryptocurrency, Coinbase has the potential to be a major winning investment, regardless of whether Bitcoin maintains its dominance or Solana or Cardano prove to be actual Ethereum killers.\nHowever, it's still a hardscrabble play that has yet to perform as well as expected, and for some very good reasons. Below, you can divide into the bear and bull case for whether this is the best time to buy this crypto marketplace for your portfolio.\nImage source: Getty Images.\nThe other side of the Coinbase\nRick Munarriz:There's a lot to like about Coinbase as an investor -- until you start to zoom in as a crypto trader. Coinbase is the mainstream name that even crypto outsiders know, and understandably so with $255 billion in assets on platform. Unfortunately, it's more like crypto investing on training wheels. It's a nest to chirp away in as a baby bird until you're ready to fly. It's the first person you date and ultimately leave when things start to get serious.\nCrack open the hood, and you'll see a platform with high trading fees, a history of iffy customer service when things go wrong, and limited options to generate passive income on your investments. You might think it's great that you can earn 4.5% annually on your staked Ethereum, but that's only if you lock it up until the world's second-most-valuable digital currency completes its migration to proof of work. You can earn more than 4.5% on several smaller platforms without having to wait for an event with no actual date to regain access to your crypto. You would think that Coinbase would be the leader in yield on USD Coin, the dollar-pegged stablecoin that it created. Nope. All you can earn is 0.15% a year, whereas you can earn yields topping 10% on other platforms.\nStock investors wooed by Coinbase and its high margins may want to take a closer look at the surprisingly low trailing earnings multiple. It's padded with one-time gains and a perfect storm that is highly unlikely to be duplicated. Analysts see earnings roughly cut in half next year. The bottom line isn't the only thing that is shrinking here. Monthly transacting users went from 8.8 million in the second quarter of this year to just 7.4 million in the third quarter. Trading volume in its latest report was lower than each of its two previous quarters. Cool nest. It's time to flap those wings and fly. It's not me. It's you.\nImage source: Getty Images.\nPatience is still key to investing\nRich Duprey:Even in the crypto world, patience is an investor virtue. Even though Bitcoin has gone up 8 billion percent and Shiba Inu has rocketed 53 million percent higher just in 2021 alone, having a long-term outlook is justified when it comes to Coinbase despite it actually being down 38% from its high point.\nVolatility should be expected in the early days of crypto, let alone Coinbase, but such wild swings will impact its transaction revenue. As my colleague Rick notes, global trading volume for the third quarter was down 37% from the second quarter, leading to a 29% drop in Coinbase's volume.\nEven so, Coinbase was able to report having 7.4 million monthly transacting users helping it to generate $1.2 billion in revenue -- the third straight quarter of over $1 billion generated. It reported $612 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), giving it amazing profit margins of 50%.\nSo it's clear the business is solid and on a firm foundation, though I don't disagree with Rick that Coinbase can do some things better. Much better, even. Still, revenue is forecast to surge to over $8 billion by 2024 when adjusted EBITDA is expected to hit $2.8 billion.\nCoinbase has been focused on achieving critical mass, and now as the preeminent crypto marketplace, it has the resources to further innovate in the space. This is a crypto name that has the potential to double, triple, or even become a ten-bagger for investors, so long as they have the patience to ride it out.","news_type":1,"symbols_score_info":{"COIN":0.9}},"isVote":1,"tweetType":1,"viewCount":1551,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/602595503"}
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