[gibybo]

I think the bull case may be more about their future sources of revenue. If crypto succeeds, exchanging it with fiat may end up being only a relatively small amount of the economic activity. Traditional brokers are not likely to be able to compete with Coinbase in those future markets.

Of course it's really hard to predict what those future markets might be or how much value Coinbase will be able to extract from them, so I have no idea if $68 billion is a reasonable valuation.