Recently, crypto mainstay Coinbase (NYSE: COIN) skyrocketed in after-hours trading. A 14% surge, the jump came following a quarterly profit and reported revenue well above Wall Street expectations. Going from a $557 million loss, or $2.46 a share in the same quarter of 2023, they now have a $273 million profit, representing a $1.04 per share profit. Coming as sales went from $629 million the year before to $954 million this year, the exchange has seen a big boost.
With expectations set at just 2 cents per share, and a $826 million sales volume, analysts did not have their sights set on the volatility of the market and how they profited.
In a letter to shareholders, Coinbase said they have, “broad expectations around improving macroeconomic conditions in 2024, which contributed broadly in the capital markets to ‘risk on’ activity. Coinbase is a fundamentally stronger company today than a year ago, and we are in a strong financial position to capitalize on the opportunities ahead.”
This kind of statement is reflective of a change in the sentiments of the American people.
Fed up with Bidenflation, and not trusting the stock exchange that benefits the Democrats like Nancy Pelosi who makes trades based on insider info, Americans aren’t trusting the stock exchange like they used to. They see the writing and manipulation on the wall, and they are pivoting away from that thinly veiled example of a communist market.
Meanwhile, Coinbase and crypto are the symbol of a free market.
Not influenced by deals between nations or moved by government business deals, instead, the market is controlled by what the owners of the coins are valuing them at. With each exchange for crypto assigning their trade prices, people can be the influence on their own money that someone like Trump represents. Places like Coinbase are that kind of success story that the Trump administration is synonymous with, and they want in their lives.
