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Bitcoin Bull Jack Dorsey Likens Coinbase To A Casino

By Shivdeep Dhaliwal

Twitter Inc (NYSE:TWTR) founder and CEO of Block Inc (NYSE:SQ) Jack Dorsey equated rival Coinbase Gobal, Inc (NASDAQ:COIN) with a casino on Wednesday.

Dorsey was responding to a tweet by River Financial CEO Alexander Leishman. The latter said that Coinbase was becoming a “prime acquisition target.”

Coinbase stock fell sharply by 26.4% to $52.72 on Wednesday and slipped another 2.55% in the after-hours trading to $52.35. Leishman’s comments on the company being a takeover target seemed to have been made in this context.

See Also: How To Buy Coinbase (COIN) Shares

On Tuesday, Coinbase reported first-quarter revenue of $1.17 billion, which was lower than the $1.48 billion estimated by the Street.

“CryptoWhale,” a Bitcoin (CRYPTO: BTC) contrarian, asked Dorsey, who is bullish on the apex crypto, his thoughts on a recent Coinbase filing with the U.S. Securities and Exchange Commission. Cryptowhale highlighted a paragraph that said in the event of a bankruptcy crypto assets held custodially by Coinbase would be “considered to be the property of a bankruptcy estate.”  Coinbase’s CEO Brian Armstrong said on Wednesday that the cryptocurrency trading platform did not face a bankruptcy risk. 

Armstrong tweeted Wednesday, “Markets are irrational in the short term but not over the long term. They sometimes offer fire sale prices on the greatest companies in the world.”

The Coinbase CEO seemed to allude to the company’s shares being undervalued. Coinbase stock has slipped nearly 80% since the year began.

Read Next: Did Vitalik Buterin And Sam Bankman-Fried Predict Terra (LUNA) Fiasco?

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Dive Deeper:
Jack Dorsey's Block Would Shine If It Wasn't For Bitcoin Holding It Back, Says Analyst
Equity research analysts from Mizuho believe that Jack Dorsey’s payments firm Block Inc (NASDAQ: SQ) should downplay its association with Bitcoin (CRYPTO: 
Bitcoin Advocate Jack Dorsey Believes BTC Price Will Again Rise: Here's Why
Twitter Inc (NYSE: TWTR) founder and an avid Bitcoin (CRYPTO: BTC) bull Jack Dorsey has said that the price of…
CEO Of 'India's Robinhood' Echoes Coinbase's Warning: Crypto Exchanges Carry A Risk
Indian financial services firm Zerodha's co-founder and CEO Nithin Kamath sounded the alarm for crypto investors as the U.S. cryptocurrency…
Coinbase CEO Armstrong Clarifies New Disclosure Does Not Mean Bankruptcy Risk
Coinbase Global Inc (NASDAQ:COIN) chief executive stated that the disclosure in its latest quarterly filing did not indicate the cryptocurrency exchange…
One subscription that gives you access to news from hundreds of sites
Crypto billionaires’ vast wealth destroyed in weeks amid turmoil
That’s now been reduced to just $2.3 billion, according to the Bloomberg Billionaires Index, as a selloff in digital currencies…
Morning Brief: Top Financial Stories Dominating on Thursday, May 12
CNBC Instacart Confidentially Files For US IPO
Get all your news in one place