Ahead of the much anticipated direct listing of cryptocurrency exchange, Coinbase, Bitcoin has thrived and spiked to a new record that exceeds $62,700.
In spite of spells of turbulence, it continues an immensely positive year for the currency, with it being embraced more and more by the mainstream and as a diversified asset investment as the pandemic has shown few signs of slowing.
Furthermore, the listing of Coinbase comes after a fruitful period, with it benefiting from strong trading and market speculation on the price of bitcoin. The cryptocurrency exchange has recorded month-on-month growth throughout 2021.
Lauding the growth of cryptocurrency into the mainstream, CEO Brian Armstrong stated in a public letter: “People are using cryptocurrency to earn, spend, save, stake, borrow, lend, vote, and perform many other types of economic activity. A recent report from Crypto.com estimated more than 100 million people are now using cryptocurrencies.
“Coinbase is building the infrastructure to power the cryptoeconomy, helping bring the benefits of this new technology to the world,” Armstrong continued.
Wall Street reports indicate that Coinbase will pursue an initial private listing on the Nasdaq Exchange – providing its existing investors the first right to sell their existing share to the market, before the company executes its public offering.
Bitcoin has also been embraced by a growing number of mainstream companies, notably Elon Musk’s Tesla. Digital currency wallet specialists, Zumo, underlined the importance of the move and what it means for the potential of bitcoin.
The group’s CEO, Nick Jones, commented: “We’re delighted to see that Tesla is now accepting Bitcoin as a form of payment for their products – the increased institutional investment and market support of cryptocurrency from such brands is a key indicator of not only its long-term value but its contemporary relevancy. Knowing that over half of UK crypto owners have purchased this currency in the last six months, I’d imagine that more brands will follow suit.”