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Be Careful With All That Coinbase Crypto Hype

April 14, 2021 by Cody Willard Leave a Comment

“Caught you lookin’ for the same thing
It’s a new thing, check out this I bring” — Don’t Believe The Hype, Public Enemy

Feet to fire, I’d guess that Coinbase will probably more double the $250 “reference price” the Nasdaq is marking it at right now and then COIN will slowly come down over the next few weeks to a more “reasonable” valuation. The fact is that I’ve been using personally and have been recommending Coinbase as one of the safest places to buy and hold cryptocurrency since 2013.

Long-time Trading With Cody subscribers will remember that I personally lost several bitcoins back when MtGox was hacked but I still have the bitcoins I own in my Coinbase accounts that I have had for just as long.  Thank you Coinbase for being safe (thus far).

Things that can make the world’s largest crypto stock sell right into a bubble when it comes public:

  • A direct listing so there’s no hedge funds flipping the stock they got allocated before it starts trading? Check.
  • Bitcoin and Ethereum, the two largest cryptos, spike to new all-time highs the day before and the day of the listing? Check.
  • Too many people looking for decent crypt stocks can only find like a handful of them and only then if you include SQ and PYPL and TSLA? Check.
  • The government has sent and is sending trillions of dollars to millions of newbie retail investors? Check.
  • Every financial media outlet is seeing traffic spike whenever they talk about Coinbase creating a self-fulfilling hype cycle? (I don’t see how this event is magical other than for the people who invested or started Coinbase years ago.) Check.
  • The ongoing Blow-Off Top Phase of the Bubble-Blowing Bull Market that we’ve been writing and riding for ten plus years ending? (I’d call it SPAChaustion. The markets are experiencing SPAChaustion, as there’s just too much supply. It’s not secret that as long as there’s demand, Wall Street will bring more supply until supply eventually overruns demand. We might be here.) Check.
  • I love Coinbase and want to own it someday. But probably not today. And I continue to warn people against buying the crappy crypto stocks like RIOT, MARA and plenty others.

Stick with bitcoin and ethereum as your long term ways to invest in cryptocurrencies. And I wouldn’t want to be plowing into them today either, really.

Be careful out there.

We will do this week’s Live Q&A chat at 10am ET tomorrow (Thursday), in the TWC Chat Room or just email us your question to support@tradingwithcody.com.

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Filed Under: All, Free Trading and Investing Articles by Cody, Trading Tagged With: all

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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