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MM thoughts on the Crypto space

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Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.

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    MM thoughts on the Crypto space

    “Good morning MM, I love your reports and have certainly generated some good money from them, especially since April May 2020. I have been approached via phone by an offshore 'broker' about the impending listing (not IPO) of CoinBase the crypto currency exchange. As usual they told me that that have been allocated some of the stock pre listing and they are offering me to purchase some of the stock through them prior to the actual listing. Of course, I am very wary of shipping my money to an overseas and unknown company. So I have 2 questions. Do you have a view on the Coinbase company as a good investment? If I did want to get hold of some of this stock, is there a way to do that with a trustworthy Australian broker/institution etc.” - Thanks Gregory H.

    Answer

    Morning Gregory,

    Thanks for the positive feedback which is always both enjoyed and encouraging. Personally, I’m always very sceptical when receiving a call from an offshore broker offering anything but maybe I’m a sceptic however there are plenty of stories to confirm my concerns are well founded i.e. if it feels too good to be true it usually is.

    Coinbase which offers a secure platform to trade / invest in crypto currencies is itself a very real pending listing in the US with people who get stock at the correct level likely to do well but again I question exactly what offshore brokers are offering it and in what form, from experience, good US IPO’s are hard to get and I doubt the brokers of the good ones need to be cold calling Aussie investors.

    Have a read of the AFR today, there’s a good article on the company.

    MM remains bullish cryptocurrencies
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