Business
Why the Coinbase listing is bad news for bitcoin believers – The Australian Financial Review
While the IPO might validate the importance of cryptocurrencies as a speculative asset, it’s a noteworthy irony that so-called bitcoin maximalists also consider…
Coinbase is highly sensitive to super-volatile crypto valuations. A strong bull-market performance in the first quarter of 2021, when bitcoin rose above $US60,000, should be contrasted with the fact Coinbase posted a $US30 million annual net loss in 2019, a year when bitcoin averaged around $US5000-$US6000.
As it stands, Coinbase is also regulated and licensed under the US Money Services Business legislative framework, not as an exchange or so-called prime brokerage for services such as credit for…
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