In a gold rush, the guy selling shovels gets rich even if there's no gold.
For cryptocurrency, 2021 was a very exciting year. For Coinbase, the best known cryptocurrency company that's publicly traded, it was so-so. Strangely, Coinbase seemed unable to capitalize on frothiness in the very financial market it was built to serve.There's an old investor adage: in a gold rush, the guy selling shovels gets rich even if there's no gold. Coinbase should be a shovel company, but somehow it hasn't been.On Thursday afternoon, Coinbase was trading at $58.
The company has increased expenses dramatically to scale, Miller argued. "They are up about 70% over the last 6 months."Coinbase has faced a lot of scaling issues. Longtime crypto denizens know it has a bad reputation for customer service, though it is trying to catch up, and Miller said that's what some of the current spending is going toward."We're choosing to make 2022 an investment year.
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