Dan Dolev, a Mizuho Americas analyst, believes that crypto may be finished after the recent troubles at FTX (CRYPTO: FTT), a bankrupt crypto exchange.
What Happened: Dolev said in an interview with CNBC that he thinks “crypto is dead” and “investing in Coinbase (NASDAQ:COIN) is just a waste of time.”
Consumers are frightened to discover that one day they might be worth the world and the next day they might be worthless, according to Dolev.
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What FTX taught you is that one day you could be worth the world and the second day you could be worth nothing and I think consumers are going to be very very scared,” he said.
Dolev said that he does not believe that the FTX collapse will result in Coinbase gaining any market share, as the losses are insignificant in relation to the overall market volume.
“They are making like $600 million in revenue and $1.2 billion in losses. It’s a very bad business right now.”
Price Action: At the time of writing, FTT was trading at $1.30, down 5% in the last 24 hours, according to Benzinga Pro data.
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