What Does the Coinbase Listing Mean For Cryptocurrencies?
Leading cryptocurrency firm Coinbase finally went public after driving much volatility in the crypto market over the past few sessions. The development is a significant step in taking cryptocurrencies towards mainstream acceptance and adoption, sending BITCOIN towards record highs and turning other leading digital currencies also bullish lately.
Coinbase had a stellar first day after it got listed on Nasdaq, with prices rising to a high of $429 before easing lower and closing at a little above $328 per share. This puts the company’s valuation at over $85 billion and makes its co-founder and CEO, Brian Armstrong worth around $16 billion.
However, not everyone is impressed with Coinbase or the world of cryptocurrencies yet. On the day the company made its debut on Nasdaq, Fed Chair Jerome Powell compared cryptocurrencies to gold, calling them vehicles for speculation and playing down their use as a legitimate payment method.
Notwithstanding Powell’s skepticism, Coinbase’s co-founder Fred Ehrsam believes that the market has a long way to go and can reach new heights. While speaking with CNBC, he remarked, “I think it will be volatile from here, but that’s just the nature of such a huge technology coming into existence, and I don’t think it could happen any other way.”
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