When the crypto market does something strange, which is often, a thing I do is take a look at Coinbase’s share price.  Coinbase is the biggest crypto exchange. It floated on the NASDAQ in April of last year under the ticker COIN.  I go to Coinbase because, even though Coinbase is in the crypto business, it’s a real company. It has cash flows, it tells you what it expects its future cash flows will be, it’ll eventually pay a dividend, and the market takes a view on what those future cash flows are worth today. So, when Coinbase’s share price…

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