Coinbase, a cryptocurrency exchange, has evolved to become the largest publicly traded exchange in the world. It began life in Nasdaq today and closed the day at $85.8 billion. With that, it has eclipsed the previous king, Hong Kong Exchange, which has a valuation of about $74 billion. Yes, Coinbase is more valuable than Nasdaq which houses it!
Coinbase, the largest U.S. cryptocurrency exchange, made history by going public on Wednesday, closing at $328.28 and giving it an initial market cap of $85.8 billion. The Nasdaq had set a reference price of $250 a share. Coinbase is the first major digital currency exchange to go public in the U.S., and the company recently estimated that it oversees about 11% of the total cryptocurrency market. The move also comes a day after Bitcoin reached a fresh high above $63,000, having more than doubled its price this year.
So, a public market has now validated everything: Coinbase which helps people buy and trade cryptocurrency has real value. It is no more the secret Wall Street traders, but real people who are pumping money to make this clear call. Yes, there is nothing else to expect as real people have voted with their money.
And if Nigeria is reading, this game is ending very soon. You need to take a better position by regulating cryptocurrency, and allow your young people to participate. Follow the clear instruction of the Vice President of the nation where he noted: “There is a role for regulation here. And it is in the place of both our monetary authorities and SEC to provide a robust regulatory regime that addresses these serious concerns without killing the goose that might lay the golden eggs. So it should be thoughtful and knowledge-based regulation not prohibition.”
We need to stop our own-goals – and listen to Prof Yemi Osinbajo, a professor of Law.---
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