Bitcoin has hit a new record high of $ 62.000 as investors await its long-awaited debut Coinbase in the stock market.
The price of bitcoin has risen more than 4% in the last 24 hours and reached $ 62.718, according to data from Coin Metrics. Ether, the second most popular digital currency after bitcoin, also set a new record, rising to $ 2.210.
Coinbase is set to go public on Wednesday with a direct listing that could put the company at $ 100 billion. Crypto investors welcome its stock market debut as a major milestone for the cryptocurrencies industry after years of skepticism from Wall Street and regulators.
«This is very good for the industry and very important for the industry"He told CNBC Marcus Swanepoel, CEO and co-founder of the London-based cryptocurrencies platform. «It will increase trust and transparency in our industry.»
«There is still skepticism in the industry and I think that if a company of this size goes public, it will help many people realize that it is not just a class of assets that should be taken seriously but also a business that should be taken seriously».
Founded in 2012, Coinbase is the largest cryptocurrency exchange in the United States. It saw an increase in revenue this year thanks to the rise in the value of bitcoin and other cryptocurrencies. The company reported estimated revenue of $ 1,8 billion in the first quarter of 2021, a nine-fold increase from the same period last year, while profits rose between $ 730 million and $ 800 million.
The value of Bitcoin has more than doubled since the beginning of this year, as major investors entered the cryptocurrency industry. Tesla recently bought $ 1,5 billion worth of Bitcoin in bitcoin and is now accepting digital currency as a method of payment for its cars. Meanwhile, Wall Street giants such as Goldman Sachs and Morgan Stanley, try to expose its rich customers to bitcoin.
Bitcoin bulls see cryptocurrencies as a storehouse of value similar to gold, which can be used to diversify investment portfolios in times of economic crisis. But skeptical economists like Joseph Stiglitz and Nouriel Roubini have not been convinced, characterizing bitcoin as extremely volatile and as a means of illicit transactions.