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Coinbase makes money in a down market because of trading volumes.

• xadhominemx 6y ago
  I guarantee you coinbase stock is going to be highly correlated to the price of Bitcoin.
  • ghayes 6y ago
    I would disagree. Coinbase's value is based on volume and volatility. If anything, stable values are the worst time for exchanges, as experienced in early 2019.
    • smabie 6y ago
      Ehh, sort of. Volume is highly correlated with return due to the wealth affect. When crypto crashes people stop trading.
    • xadhominemx 6y ago
      For a normal exchange yes, but for a Bitcoin exchange the long term revenue is going to depend on future interest in Bitcoin which is highly correlated to current price