- Hunter Horsley expressed frustration that people are sleeping on Coinbase (NASDAQ:COIN).
- Horsley claims Coinbase has already achieved what many banks strive to attain.
- Despite 100M+ users, Coinbase’s cap falls behind traditional financial institutions.
In a recent tweet, Hunter Horsley, CEO of Bitwise Asset Management, shared his frustration with the poor attention given to the US-based crypto, Coinbase, claiming that people are “sleeping” on the crypto business.
Horsley argued that while big banks like Goldman Sachs attempt to avoid a “slow death” by investing in technology, APIs, and retail services, Coinbase has already achieved what many banks strive to attain.
He points out that the exchange has an exceptional institutional team with 25% of the most significant hedge funds as clients, over 50% institutional volume, and a suite of first-class tech products. The Bitwise CEO also claimed that Coinbase co-invented the USDC payment rail, facilitating $2 trillion in transfers in 2022 Q4 alone.
Rant —People are sleeping on Coinbase.Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, and unbundling.Meanwhile Coinbase already is…— Hunter Horsley (@HHorsley) April 28, 2023
Horsley also argued that Coinbase has over 100 million retail app users, exceeding Charles Schwab’s monthly active users, with its revenue mix moving towards 50% subscriptions and services. Despite this, Coinbase’s market cap is only $12 billion, compared to Goldman Sachs’ $115 billion and Charles Schwab’s $110 billion.
Given that Coinbase’s market capitalization is significantly lower than the traditional financial institutions, Horsley proclaimed that was a sign that investors are sleeping on Coinbase’s potential.
I feel people allow their views on crypto to block them from seeing that Coinbase has built and is rapidly building Goldman 2.0
Ultimately, Horsley urges people to recognize that Coinbase is building a modern, tech-first, institutional financial services firm and is rapidly innovating in every area. He warns against dismissing Coinbase based on individual factors and encourages people to see the company’s incredible prospects.
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