Why Coinbase Could 6x by 2031 + A Possible Coinbase vs. Circle Cold War?

Summary

Alex Weseley presents a bullish long-term thesis for Coinbase as AI-native finance infrastructure, projecting a 6x increase to $300B by 2031. He also analyzes Hyperliquid's dominant position in perpetuals and the strategic USDC deal. The conversation covers the Clarity Act's impact on stablecoin yields and the growing competition between Coinbase and Circle.

• Alex Weseley argues Coinbase can become a $300B company through agent commerce and stablecoin growth.
• Coinbase's early lead in Base chain and X42 payment protocol is key to the thesis.
• Hyperliquid has maintained 50% perpetuals market share despite competition and new entrants.
• The recent USDC deal between Coinbase, Circle, and Hyperliquid boosts Hyperliquid's revenue.
• The Clarity Act may restrict passive stablecoin yields but allows activity-based rewards.
• Alex expects the Coinbase-Circle USDC agreement to be renewed but sees growing tensions.
• Hyperliquid's offshore, no-KYC model gives it a unique niche vs regulated US exchanges.
• Prediction markets and RWAs are new growth areas for Hyperliquid.