BREAKDOWN: Coinbase Trades at a $77B Valuation as BTC Heads Towards a $1T Market Cap
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 17 February 2021
⏱️ 11 minutes
🧾️ Download transcript
Summary
An overview of key news, from a new DeFi Index fund for accredited investors to bitcoin shrugging off growing Treasury yields.
This episode is sponsored by Nexo.io.
Today’s episode of "The Breakdown" analyzes a number of topics across the bitcoin and crypto industry, including:
- Bitcoin reclaims $50,000 and looks towards a $1 trillion market cap
- Treasury yields rise, hammering gold but so far having no impact on BTC
- Bitwise launches a new DeFi index fund for accredited and institutional investors
- Christie’s is auctioning off NFTs
- Coinbase is trading at a $77 billion valuation on the private markets
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world. |
| 0:15.9 | The breakdown is sponsored by nexo.io and produced and distributed by coin desk. |
| 0:29.0 | What's going on, guys? It is Wednesday, February 17th, and today is sort of an extended grab bag, brief style episode. We have had so much news coming so fast over the past few weeks |
| 0:36.4 | that I haven't had a chance to put together |
| 0:38.6 | a collection of some of the individually smaller but still taken as a whole important news. |
| 0:44.5 | So that's what we're going to do today. |
| 0:46.7 | First on that front, let's do a quick check back in on the Bitcoin price. |
| 0:51.6 | Obviously, yesterday's episode was about breaking through that psychological |
| 0:55.2 | barrier of 50,000 and asking what it meant in terms of this idea of a Bitcoin super cycle. |
| 1:02.9 | Savvy listeners will note that almost as soon as we hit 50,000, we retraced back to the 48s and |
| 1:10.0 | 49s. However, overnight, we reclaimed new highs and are |
| 1:15.8 | currently trading firmly above 51,000. So how are people analyzing this? Well, some are pointing to |
| 1:23.2 | the micro strategy announcement saying that it seemed designed to help Bitcoin punch through |
| 1:28.2 | this $50,000 mark. For evidence, those people are pointing to the previous micro strategy |
| 1:34.3 | bond announcement on December 7th, which helped Bitcoin get above $20,000 at that time. |
| 1:40.6 | Others are talking about how things feel like they're getting too heated now. A JPMorgan |
| 1:46.2 | research note argues that the Bitcoin market cap has gained $700 billion on the back of only $11 billion |
| 1:53.6 | of institutional inflows. It argues that retail traders are seeing this institutional news and |
| 2:00.6 | then aping in with leverage in a way |
| 2:02.7 | that is disproportionate to what they should. Dovi Wan tweeted something that was at least |
| 2:07.5 | a little reminiscent of this saying, Tether is now seeing a positive premium after a long time |
... |
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