Coinbase, Walmart, and other Bitcoin News

Hey everyone!

At a business conference in Vegas currently, so I’ll keep it short today.

Coinbase announced it’s earnings yesterday, and will go public in a week or so…

Pretty ridiculous numbers if you ask me….

John Street Capital @JohnStCapital

0/ The @coinbase team announced 1Q21 data including revenue of ~$1.8B, adj EBITDA of $1.1B, NI of $730-$800M, trading volume of $335B & assets on the platform of $223B (11.3% of cryptoasset market) with 56M users Run-rate of $7.2B in revenue / $4.4B in EBITDA / $3.0B of NI.

For context…..

Coinbase has 4x the users of ROBINHOOD…..

+ They did more revenue in Q1 of 2021 than ALL of 2020….

That’s pretty insane, coupled with the fact that they made a cool $1.1 BILLY in EBITA…. (earnings before taxes and stuff)

So what does this mean for Bitcoin?

Temporarily, I’ve kind of always expected this to take a little bit of money AWAY from Bitcoin….

Wall street is still caught up in this strange thing called diversifying… :)

And Coinbase is the BIGGEST company in the crypto space.

So obviously, a lot of money is going to flow that way for the initial offering, which is money that could otherwise have gone into Bitcoin.

However, I only expect this to hamper Bitcoin’s progress quite temporarily….

Maybe only for a week or so….

Once the CB IPO completely blows up, all it does is BRING MORE ATTENTION to Bitcoin, because once you start researching the importance of Coinbase it all comes back to the one coin that rules them all…

Speaking of the one coin that rules them all, apparently Walmart is buying it as well…

Vik Sharma 🇺🇸 @vikrantnyc

Walmart is stacking #bitcoin. You heard it here first.

I’ve seen multiple respected people vouch for this guy, so I have to assume it’s legit…

If Walmart (in my mind one of the most traditional, brick and mortar type businesses) is stacking Bitcoin… it begs the question.. who the hell else is???

My prediction is there will be anywhere from 10-50 announcements in the next 2-3 months from big companies that have been adding this to their balance sheet.

Finally, there has been some SERIOUS stacking going on by people that don’t want to sell….

Willy Woo @woonomic

Rick Astley loving this dip. He's the guy (marked in red) that buys and never sells. Data: @glassnode

Willy likes to call them the “Rick Astley” buyers, because they never sell.

As you can see, when the RED bars (strong hands who don’t sell) BUY, the price goes up.

I expect a huge run up to 70k+ within 2-6 weeks.

I would say 2-3 weeks but this Coinbase IPO might keep us sideways for a while…

Who knows!

Regardless, going to be a fun year.

Kale

P.S. Many future stories will remain exclusive to paid subscribers. By subscribing to The Kale Letter for just $5 a month or $50 a year, you will have immediate access to my best work. You can subscribe by clicking the button below: