Coinbase is the leader here in building this new financial system. 'This is the beginning of what I consider the new financial system. Securities and Exchange Commission has not yet approved exchange-traded funds directly holding bitcoin or other cryptocurrencies, many believe a change in stance is l ooming.

Companies including Tesla ( TSLA), Square ( SQ), BNY Mellon ( BNY) and PayPal ( PYPL) have either added significant holdings of bitcoin to their balance sheets or begun facilitating transactions in cryptocurrencies, and legacy banks Morgan Stanley ( MS) and Goldman Sachs ( GS) recently announced they would begin offering bitcoin exposure to their wealth management clients. REUTERS/Shannon Stapletonīut recent volatility aside, many strategists maintained that Coinbase's public debut marked a watershed moment for cryptocurrency, reflecting the culmination of months of accelerating institutional adoption. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021.

The logo for Coinbase Global Inc, the biggest U.S. I've told clients out there - both institutional and retail - if you want to play crypto, go out and buy crypto assets.' 'It may be the right stock, but just the wrong price right now, hence the volatility,' David Nelson, chief strategist at Belpointe Asset Management, told Yahoo Finance.Ĭoinbase stock is one of the few ways equity traders can invest in bitcoin, said Nelson, adding 'there are other stocks out there to do it. At session highs on Wednesday, Coinbase's valuation exceeded $112 billion, nearing the market capitalization of Goldman Sachs ( GS). That gave Coinbase, the largest cryptocurrency exchange in the U.S., a larger market capitalization than other major legacy exchanges, including the Intercontinental Exchange ( ICE), CME Group ( CME) and the Nasdaq ( NDAQ). Based on Coinbase's closing price on Wednesday, the company commanded a fully diluted valuation of about $86 billion following its direct listing. Others, however, remained concerned over Coinbase's valuation. 'I think it's likely to lift valuations across crypto companies,' he added.' And on the heels of that, you may see a new wave of VC investment into crypto companies looking for kind of that next Coinbase, and then also hopefully inspiring a new generation of entrepreneurs to keep building within the crypto economy.'

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