Why Mizhuo Analyst Thinks Crypto Bulls Are Better Off Owning Bitcoin Than Coinbase In Post-FTX Market

Dan Dolev, a senior analyst at Mizuho, said that it's more beneficial to own Bitcoin BTC/USD than to own shares of Coinbase COIN in the wake of the FTX collapse.

What Happened: Dolev was speaking to CNBC on "How to survive crypto winter," noting that he would rather stay away from both Bitcoin and Coinbase, but if he had to choose one asset, he'd pick Bitcoin.

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He explained, "If you are bullish on crypto, you're better off owning Bitcoin than owning Coinbase." 

Dolev was asked by CNBC host Will Koulouris if his calculations were only based on the estimated volume and trading activity, or if he is also considering the potential risk posed by regulation. 

Dolev shared his views on the crypto space, estimating a daily volume of $1.8 billion — or $650 billion per year at the current rate — which is still 30% below consensus estimates.

He noted that it is all downhill from here and with regulations. “It's gonna get worse,” he said, adding that retail investors are not coming back, which means the yields are coming down,” and  “there's going to be massive disinterest in the entire category.”

Price Action: At the time of writing, Bitcoin was trading at $17,283.63, down 2.10%. COIN was trading at $37.99 down 5.47%, in the last 24 hours, according to Benzinga Pro data.

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