Bitcoin/US Dollar FX Spot Rate, FX Spot Rate, COMPOSITE DISPLAY

The financial press will cover the Coinbase story from many angles. However, the greater conclusion to garner from this chronicle in Bitcoin’s history is the following: Coinbase’s direct listing further incorporates Bitcoin into the worldwide financial landscape and will act as a deterrent to any potential future U.S. government action against Bitcoin, such as a ban. Ultimately, this listing represents an important step towards the legitimization of bitcoin as a mainstream financial asset.

Coinbase is not without controversy in the Bitcoin space, and some prominent Bitcoiners certainly have reservations regarding some of Coinbase’s practices as a company. One of the more troubling situations regarding Coinbase is the company’s close ties with the U.S. government, as evidenced by its sale of a proprietary surveillance tool named Coinbase Analytics to both the Drug Enforcement Administration and the Internal Revenue Service. Although cooperating with the government is a necessary evil of a regulated cryptocurrency exchange, it would be to Coinbase’s advantage to push for stronger privacy rights for Bitcoiners, as doing so would shore up the company’s reputation among the very demographic that is responsible for its success.

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