Mizuho Securities is a significant Japanese organization specializing in investment banking and securities services. It’s part of the vast Mizuho Financial Group, headquartered in Japan, which encompasses Mizuho Bank and Mizuho Trust & Banking as well.
April 12, 2024, saw Dan Dolev, a seasoned research analyst at Mizuho Securities, appearing as a guest on CNBC’s “The Exchange”. During his appearance, he shared an in-depth and somewhat critical viewpoint regarding the cryptocurrency market, with a particular emphasis on Bitcoin and Coinbase.
Dolev raised doubts about Bitcoin’s function as an investment, expressing concerns over its role as a growth asset or a store of value. He argued that Bitcoin exhibits characteristics of a store of value now, but lacks solid underlying backing.
Dolev strongly criticized Bitcoin, pointing out that it doesn’t have an inherent worth and fails to provide enough returns to maintain its long-term value. He expressed this viewpoint by saying:
- On Bitcoin’s viability: “Right now, it’s doing well, but I still think that longer term it has no yield support. It’s basically just FOMO, and I think eventually it’s going to go down.”
- On Bitcoin’s future prospects: “I think eventually this is going to unravel … there’s really nothing there.”
- Predictions on Bitcoin’s price: “I see no value in it personally, so it probably goes back to like the 40s or 30s easily.”
During his discussion, Dolev highlighted some significant elements of Coinbase’s present business condition and prospective viewpoint. He praised the substantial trading activity lately, yet voiced worries about its longevity and questioned the overall well-being of the business.
- On Coinbase’s recent performance: “The call today is basically, look, I mean volumes have been strong. I mean we said that the HODLers have won, they won Q1l so the volumes were just so strong.”
- On the revenue forecast: “Consensus is underestimating, you know, what they’re going to put out in terms of revenue by 40%. We had to take up our revenue estimates and EBITDA, and just to be fair, we had to take up our price target, but we still see massive downside from where the stock trades today.”
Dan Dolev made a passing comment on gold during his discussion, touching upon its comparison with Bitcoin and other investment options: “Gold has been around for a long time… I myself lean toward real estate… but yes, there’s still a place for gold in our minds, as people have a natural inclination to appreciate it.”
Dolev additionally weighed in on recent banking profits, pointing out some vulnerabilities, specifically concerning deposit growth. He identified a pattern as clients increasingly prefer high-interest accounts such as CDs over zero or low-return alternatives. This development presents hurdles for conventional banks yet offers prospects for fintech companies.
Dolev highlighted SoFi particularly, commending its approach of expanding personal loans. He’s confident that this move could considerably enhance SoFi’s profitability and share value. Dolev is bullish on fintech companies, believing they have the edge over traditional banks due to their ability to provide greater returns and groundbreaking products without the burden of maintaining brick-and-mortar branches.
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2024-04-14 11:47