Coinbase’s current rumored valuation of approximately $100 billion is “too high.”
That’s the verdict of Wall Street veteran David Trainer, CEO of stock research firm New Constructs.
Ahead of its upcoming direct listing, private trading of Coinbase shares has indicated an implied market value for the cryptocurrency exchange as high as $100 billion. Trainer told Decrypt that with increasing competition in the cryptocurrency market, neither Coinbase’s current market share, nor its margins, look sustainable in a cryptocurrency market that will continue to mature into the future.
Instead, he argued, Coinbase’s valuation is based on sentiment, rather than fundamental analysis. “I think Wall Street doesn’t want people to have any accurate form of price discovery other than greater fool theory that allows them to sell assets, especially in bubble times at prices that are disconnected to their underlying fundamentals,” Trainer told Decrypt.
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Źródło: https://decrypt.co/61188/100-billion-coinbase-valuation-is-too-high-analyst
