Here's the Coinbase shareholder letter: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q1/Coinbase-Q122-Shareholder-Letter.pdf https://s27.q4cdn.com

Here's the Coinbase shareholder letter: https://s27.q4cdn.com/397450999/files/doc_financials/2022/q1/Coinbase-Q122-Shareholder-Letter.pdf https://s27.q4cdn.com/397450999/files/doc_financials/2022/q1... If you look at page 10, for Q1 2022, retail revenue was close to $1b, while institutional revenue was only about $50m, and hasn't been really growing (declining in fact). This likely means that when the hard time comes and people don't have disposable income anymore, Coinbase will also suffer when the tides of retail investors go out. I'm beginning see Coinbase and Robinhood in the similar category of companies in pay day loans and casinos - they might do really well as a company but a lot of it is quite unhealthy profit generation from the least informed and struggling sector of the population.