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by cwkoss 1898 days ago
If Coinbase starts getting included in broad market ETFs, leading to significant holdings in mutual funds and retirement accounts, it will greatly de-risk the chance of US gov killing bitcoin: nuking grandma's investments is political suicide.

I think we just witnessed a significant step in the process of bitcoin becoming too big to fail.
2 comments
PragmaticPulp 1898 days ago
Even the biggest companies like AAPL make up single-digit percentages of large cap ETFs or the S&P 500 index. Even if Coinbase disappeared overnight, it would be lost in the noise of the broader market. Nothing like “nuking grandma’s investments”

Also, there’s a lot of middle ground in the regulatory space before banning Bitcoin outright. The government doesn’t have to make a binary choice between free for alls and outright banning something.

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cwkoss 1898 days ago
Oh bitcoin can certainly still fall precipitously, but over the past decade of following Bitcoin, I've often told people to "invest like it could drop to zero at any moment" and that scenario seems much less possible as institutional investment in bitcoin grows.

The governement could still 'kneecap' bitcoin, but 'killing' bitcoin is approaching being a political impossibility.

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vmception 1898 days ago
For now

There will be a lot of crypto focused and crypto exposed organizations in the public markets over the next few years

And now 1,700 Coinbase employees will be liquid and ready to pay it forward

For now this is just inclusion into the “tech” sector in the public markets, but it will quickly be its own

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nikolay 1898 days ago
This is the craziest bitcoin fanboys narrative to date! Coinbase has other coins, not just the scheme called "Bitcoin"!
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anm89 1898 days ago
Bitcoin has a bigger market cap than all of the rest of them combined.
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nikolay 1897 days ago
Yeah, in a low-liquidity market, this market cap is a fantasy market cap.
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anm89 1897 days ago
is bitcoin lower liquidity than the rest of them? If not I still fail to see your point.
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nikolay 1893 days ago
Compare it to the Forex, for example, which has trillions of dollars per day. And those are real transactions. I'm not sure about the transactions of the foreign crypto exchanges - they've been caught so many times to fake volume and transactions.
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