Coinbase, the US’s biggest digital currency exchange platform, made its Wall Street debut last week Wednesday. This is a historic move for digital currencies (more commonly known as cryptocurrencies), a historic first in the US, and it comes in the midst of the current digital currency boom gripping markets the world over.
Many cryptocurrency enthusiasts are hoping that the entry of Coinbase into one of the world’s most well-established stock exchanges for physical currency is a pivotal moment for the rise of the cryptocurrency industry. But one thing is already certain, this is a major milestone on the industry’s journey for wider acceptance among the general public — mainstream investors and regulators, in particular. They are more comfortable investing in stocks and companies with cash flow and now that Coinbase has stocks to present to them, they are much more likely to take the plunge as this provides them a safeguard from the price fluctuations that occur so often in the cryptocurrency industry.
Rapidly rising prices for stocks and cryptocurrencies have led to the creation of a record-breaking 2,755 billionaires in 2020. And with this move, Brian Armstrong and Fred Ehrsam, co-founders of Coinbase, have joined those ranks. Their goal is to make cryptocurrencies accessible to the masses (there are over 4000 of them worldwide but only the 50 most prominent ones get traded on Coinbase to keep things simple). And this latest development is among several that indicate things are heading in that direction.
Earlier this year, Elon Musk had announced that Tesla will be investing 1.5 billion USD in the bitcoin cryptocurrency and will soon be accepting it as a form of payment. And Wall Street heavy-hitters like JP Morgan and Goldman Sachs have also recently expressed an interest in cryptocurrencies. So the public is certainly warming up to the concept of paying with digital money.
The implication of this could be far-reaching. Brian Armstrong has stated that he believes this will pave the way for economic freedom worldwide. We might just find out if he’s right in our lifetime.