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Others ruefully relay tales of the sushi dinner they bought with Bitcoin years ago that would be worth $200,000 today or the million-dollar pizza.Ĭoinbase eases that trading by acting as a central exchange. Many early buyers have become wildly rich by simply holding their crypto or “buying the dip” when prices fall. It has also become a lightning rod for environmental concerns because its technology uses a tremendous amount of computing power and electricity. Few people want to use Bitcoin for everyday purchases like coffee because its price is so volatile. That ethos is reflected in Coinbase’s plan to “create an open financial system for the world” and “ increase economic freedom.”īut so far, cryptocurrency is mostly a vehicle for financial speculation and trading. Industry evangelists have long predicted that cryptocurrency and its underlying blockchain technology could bring about a decentralized financial system without governments or banks - a revolution rivaling that of the internet. It did so at a valuation that rivaled that of Airbnb and Facebook when they went public.īut Coinbase’s listing also raises a question about the future of digital currency.
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Coinbase, based in San Francisco, is the first major cryptocurrency start-up to go public on a U.S. That gave the company a valuation of $85.7 billion based on all its outstanding shares, more than 10 times higher than Coinbase’s last private valuation.Ĭall it crypto’s coming-out party. Coinbase shares began trading at $381 each, up 52 percent from a reference price of $250, eventually closing at $328.28. On Wednesday, digital or cryptocurrencies took their biggest step yet toward wider acceptance when Coinbase, a start-up that allows people to buy and sell cryptocurrencies, went public. And celebrities are leading the way in a digital-art spending spree using a technology called an NFT. Companies like Tesla and Square are hoarding Bitcoin.
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Traditional banks are helping investors put their money into cryptocurrency funds. SAN FRANCISCO - Digital currency, once mocked as a tool for criminals and reckless speculators, is sliding into the mainstream.