Bitcoin explosion triggers Coinbase’s valuation, which surpasses $ 100 billion and prepares to go public
Bitcoin, and cryptocurrencies in general, are in full swing. Bitcoin has recently passed the $ 50,000 mark and begins to convince the giants of the industry, so many banks What companies like Tesla. This increase in value has also been a boost for Coinbase, one of the exchanges most popular in the world, which prepares to go public Y whose valuation has exceeded 100 billion dollars, as advanced from Axios.
At the end of January, Coinbase confirmed its plans to go public in direct listing format. According to Axios, “Coinbase could go public with a Higher initial valuation than any other American tech company since FacebookIn that sense, it should be remembered that Facebook was valued at more than $ 100 billion back in 2012. Twitter, which went public in 2013, was valued at $ 31 billion and Snapchat, which did so in 2014, was valued. at nearly 24 billion.
A Bitcoin with increasing support
According to the information Axios has had access to, Coinbase closed 2019 with 30 million net losses on 530 million of revenue. Nevertheless, In the first nine months of 2020 it generated 141 million of net income. The increase is important, and that the figures do not include the last months, in which the price of Bitcoin has shot up to exceed the barrier of $ 50,000.
And it’s something that makes sense. It was in October 2020 when PayPal announced that it supported Bitcoin and other cryptocurrencies. PayPal said its initial ideal was to offer the ability to buy, sell and manage cryptocurrencies (Bitcoin, Ethereum, Litecoin and Bitcoin Cash) in the United States, something that would later expand to the rest of the markets. This was, almost without a doubt, the trigger for the brutal growth that Bitcoin has experienced recently.
Since then, Bitcoin has not stopped receiving support (though the shadow of volatility is always there). Tesla has invested $ 1.5 billion in Bitcoin; Mastercard has announced that it will support cryptocurrencies; BBVA is going to invest in Coinbase and it will even allow clients to carry out cryptocurrency trading; the Central Bank of Kenya is going to use Bitcoin as a store of value and even the mayor of Miami recently said that he was going to encourage collecting wages or paying taxes with Bitcoin.
Bitcoin is not the only currency whose value has skyrocketed in recent months. Cryptocurrencies like Ether has also grown a lot, to the point of having exceeded the $ 1,000 barrier for the first time. Today, Ether is worth about $ 2,000. XRP has also skyrocketed in value, which remains at $ 0.5 (in October it was $ 0.2), and even Dogecoin, which is a crypto that came up as a joke, has passed from $ 0.002 in October to over $ 0.07.
Via | Axios