$COIN is down 68% in 2022, underperforming Bitcoin
, famed short-seller Jim Chanos stated that he believes that the stock of cryptocurrency exchanges will be under extreme pressure due to declining fee revenue.
The investor bet big on the collapse of Enron in 2001 and kept increasing his stake throughout the year until the company eventually went belly-up. Earlier this May, the largest cryptocurrency exchange clarified that its users could theoretically lose their crypto holdings if the company were to go broke.
The billionaire executive also downplayed the growing bearishness during the company's Q1 earnings call, claiming that he is more bullish than ever on the exchange's future.Armstrong said that he could see fee compression in the long term amid growing competition.
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