One of my favorite movies is Empire Records. In the movie one of the best subplots is the fact that it is something called "Rex Manning Day". This popular (but pretty crappy) artist is coming to the record store and everyone is excited about it (some more than others). Anyway. That is kind of how I feel about today.
Today is Coinbase Day! I feel like people should be running around shouting it from the rooftops because this could be one of the single largest factors that drive people into crypto.
Don't get me wrong, I know that the institutions have been driving people into crypto a lot lately, but somehow Coinbase seems much more accessible. For many people in the US, it was probably their first conduit in to crypto.
The platform has a ton of users and they are creating new accounts every day. I have been wishing for three years now that they would list Hive, but that hasn't happened yet. Can you imagine how much this place could blow up if they did?
The fact is, right now most of the public still doesn't understand crypto. They don't care about what Grayscale is doing or EFT's or any of that. They likely don't understand it and they probably don't want to.
What they do understand (I guess that can be debated) is stocks and even more importantly IPO's. Even though Coinbase is not doing a traditional IPO, the term IPO is still being thrown out there and that is going to drive investors to it like you would not believe. At least that is what I think.
I have been going back and forth ever since the announcement of the Coinbase sale about whether or not I want to buy some of the stock. At first the valuation was around $250 a share and I thought sure why not. Then it jumped up to $350 and I thought better of it. For a while anyway, eventually I talked myself into being okay with $350 per share.
Then the other day they stated that based on the current valuation the stock would be closer to $440 per share. I was still in, but after thinking about it a while, I emailed my broker and told him to hold off.
Then last night I read a new story that stated they think the opening share price is going to be closer to $260. Ugh, I thought I had this all figured out... I have no doubt the price will probably not stay at $260 for long. It will likely be seconds before it passes $300. So now I am on the fence again.
Email is too slow, so I will likely need to give my broker a call if I decide to move forward. He usually likes to get verbal okay from me anyway.
Is anyone else struggling with this as much as I am or is it just a no brainer?
Either way, I have a feeling this is going to have far reaching impact across the whole sector.
It's Coinbase Day everyone!
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