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Cryptos Coming Out Party

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@cryptictruth
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Coinbase’s listing today is cryptocurrencies coming out party to traditional traders. With the acceptance from these traditional investors today it brings in a new era for the space. Digital currency, once mocked as a tool for criminals, reckless speculators and the fringe of society, is sliding into the mainstream with style.

We have seen traditional banks helping investors put their money into cryptocurrency funds, companies like Tesla and Square are hoarding Bitcoin and celebrities are turning everything into NFT. Today cryptocurrencies took their biggest step towards mass adoption when Coinbase went public. Coinbase shares began trading at $381, up 52% percent from $250 and closed at $328.28. Shares climbed 4.7% after hours to $343.82.

That gives the company a valuation of approx. $85.7 billion at close and that's more than 10 times higher than Coinbase’s last private valuation! They are the first major cryptocurrency start-up to go public on a U.S. stock market and it did so at a valuation that rivaled other unicorns, Airbnb and Facebook when they went public. I am celebrating the listing because it's validating the fact that crypto is an investable asset class and that all my ranting, preaching and shouting from the mountain tops was not time wasted. This listing answers the questions many skeptics have had. Any industry that can launch a listing of this size is without a doubt a real thing, and it’s proven by the market; numbers don't lie.

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This listing gives mainstream investors who may be wary of directly buying digital currencies the ability to own stock in a SEC approved business that facilitates the transactions. I for one want to own the gold and own the people who sell the shovels in our modern day gold rush.

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I'm planning to buy shares, but at my price targets. I expect more of dip as traders make their money on the listing hype. Price action is pushing that upper band on the downward regression channel. So we will either get a break above or a revert to the mean around $316.

This listing also gives the financial world a look at Coinbase’s financials and that showed their healthy profits (paid for by all my fees). The best part most unicorns lack that probability right out of the gate. Coinbase, which has approx. 56 million registered users, reported an estimated $730 million to $800 million in net profit in the first three months of the year. It brought in $1.8 billion in revenue during that period, a ninefold increase from a year earlier.

I have no doubt that Coinbase’s listing has ignited the fuse for the ride to the moon!

Posted Using LeoFinance Beta