Back in 2017 during the height of Crypto fever, the term ‘the flippening’ was used a lot. The flippening buzz was based on the idea that Ethereum or some other alt coin would pass Bitcoin in market capitalization.
Flash forward to today and the chatter about a ‘flippening’ has disappeared. Bitcoin is more dominant than ever.
There is a different kind of ‘flippening’ that caught my eye the other day.
ETrade (founded in 1982) is now valued at $10 billion and down 30 percent from all-time highs.
Coming from the other direction is Robinhood which recently raised capital at a valuation just shy of $8 billion.
I would not be shocked to see Robinhood pass ETrade in the not too distant future.
While it is easy to argue that Robinhood is overvalued by any metric that values ETrade at 10 billion I would urge you to go back to my Saturday post once again.
PS – Schwab and Ameritrade are also in freefall over the last year each dropping approximately 30 percent (Schwab now at $21 billion and Ameritrade at $17 billion).
PSS – Paypal is worth more than Goldman Sachs which is kind of mind boggling as well.