Despite Record Q1 Results, Coinbase's Valuation Remains Ridiculous

As the cryptocurrency market matures, we expect Coinbase’s transaction margins to drop precipitously.The race to the zero phenomenon that took place in late 2019 with stock trading fees will likely make its way to the crypto trading space.Coinbase has little-to-no-chance of meeting the future profit expectations that are baked into its ridiculously high private valuation of $100 billion.