Coinbase just said something that could bankrupt the company and stock investors need to hear it. If you invest in Coinbase stock, WATCH this video! Get up to $250 in free bitcoin when you open an account on BlockFi. ₿ https://mystockmarketbasics.com/blockfi
Now all you in the Nation know, I’ve been a supporter of Coinbase in the past. At one point, I had all my crypto on the platform but then started moving it to BlockFi on lower fees, interest on my account and the rewards credit card. I still kept a Coinbase account though because I didn’t want everything on one platform and couldn’t connect my Iowa bank account to BlockFi. But something the company just released in its new quarterly earnings report this week has me worried for everyone with money still on the platform along with investors in the stock. This one sentence alone could bankrupt the company!
The Coinbase bankruptcy warning came out of nowhere and I transferred almost $75,000 in bitcoin and Ethereum I had still on Coinbase over to my BlockFi account. I still have some Ethereum locked in staking but only about $2,000 and less than $100 in a few cryptocurrencies I got free on Coinbase but now almost my entire $343,000 crypto portfolio is on BlockFi.
The Simple Truth about Coinbase Stock | Investment Analysis https://youtu.be/PQO7yOgSt5o
How to Buy Cryptocurrency Safely | Step-by-Step Guide https://youtu.be/UbaUQguZyPk
Can Ethereum Make You Rich? 10X Investments https://youtu.be/M1tAZwlL5uI
Is Bitcoin worth $1,000,000 | Full Bitcoin Price Analysis https://youtu.be/xMLpu0UyOtA
The company added a new risk disclosure in its quarter 10Q report, buried deep on page 84 of the 142 page document. Coinbase is saying, if it goes into bankruptcy, all the crypto it’s holding for customers could go to pay off its creditors and the actual account holders themselves wouldn’t get anything until the company’s debts have been paid.
Your crypto should NOT be at risk if the platform gets into trouble. Custodial assets should be held legally separate from the company, that’s how it is on broker investing platforms and that’s how it is on most cryptocurrency platforms. For Coinbase to come out and say, even in the unlikely event of a bankruptcy, it’s going to use your money to pay its debts…well I transferred my money out and I wonder how many other crypto owners will also. The company lost $430 million in the first three months alone and burned through $1.5 billion of its cash to support the company …how bad could it get if a user exodus builds?
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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