Analis Yakin Daftar Coinbase Tidak Akan Membantu Bitcoin
One of the cryptanalysts is convinced that the listing of the largest American cryptocurrency exchange Coinbase will not affect the value of Bitcoin. This was stated by the famous "bitcoiner" Vijay Boyapati in his Twitter account.
The analyst believes that all the excitement around the increase in prices for the main cryptocurrency after the placement of Coinbase shares is false. At the same time, Boyapati noted that with first-quarter revenues of $1.8 billion and profits of $800 million, the company is capable of achieving a valuation of $100 billion. The only question is, why is everyone so sure that this will affect the value of Bitcoin?
According to Boyapati, there needs to be a correlation between how much Coinbase is valued and the value of the main asset on the crypto market. The first was rated as a kind of "safe" with a constant flow of funds. The second is an excellent store of value, which is a form of money.
It is clear that such an assessment, in fact, puts a lot of money “into the hands'' of the general director of the exchange and employees. Brian Armstrong will get even richer. But this does not mean that all these people will immediately run to invest the money they have received in Bitcoins. According to Boyapati, “the culture of the company” begins at its “top”, and Armstrong himself has never been such an ardent fan of cryptocurrency as the head of Binance, Changpeng Zhao. Consequently, some Coinbase representatives are more likely to leave the industry than invest their earnings after listing in the crypto industry.
Earlier, Boyapati suggested that Armstrong's company would benefit a lot more if it kept its profits in the equivalent of Bitcoins, and not in US currency.