Bitcoin value soars to all-time high as Coinbase prepares to go public


Bitcoin has moved past the $63,000 mark (Photo: Getty)

Cryptocurrency Bitcoin has reached its highest ever valuation, surpassing $63,000, as cryptocurrency exchange Coinbase prepares to go public later today.

Coinbase, the largest Bitcoin exchange of its kind, is responsible for tens of millions of users’ cryptocurrency holdings, and is the first port of call for many crypto novices when it comes to buying digital currencies.

Valued at more than $1.6 billion dollars and responsible for 56 million retail customers, the potential success of Coinbase is seen as tied in with the success of cryptocurrency itself.

The public listing of the cryptocurrency trading platform in the US is also the first time a cryptocurrency business has gone public – which is one reason that Bitcoin’s price has soared in value, according to experts.

But there is a large amount of uncertainty around the business, which features revenue streams alien to the traditional business world.

Yet despite the uncertainty around the future of Coinbase and Bitcoin, both have increased in value a huge amount since the start of the pandemic, as investors seek ‘safe haven’ investments and flock to new technologies, like ‘digital collectibles’ NFTs.

Cryptocurrency as a whole has also rocketed in value, moving past the £1.45 trillion mark – higher than Facebook and Google’s value combined.

While some analysts think the rally will continue, others have warned of a bubble, driven by rampant speculation, will soon burst.

Despite the warnings, however, many large companies have been getting involved with the new financial technology, like PayPal and Visa integrating crypto payments to their platforms.

What is Bitcoin?

Bitcoin is a digital currency (Photo: Getty)

Bitcoin is a type of cryptocurrency, which is a virtual or digital currency – like an online version of cash.

It works without a central bank and is usually exchanged from person-to-person when it is sold or exchanged, without anyone working in-between to overlook the transaction.

Some people like the fact that Bitcoin is not controlled by the government or banks. It was first released in 2009 and its value has fluctuated over the last 12 years.

People can track their ownership of Bitcoin by using a cryptocurrency wallet, which is a digital way to exchange payments. It is easy to track as details are stored in a ledger called blockchain, which is publicly accessible and it includes all confirmed transactions.

The value of the cryptocurrency fluctuates all the time in a similar way to more conventional currencies.


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