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The Almighty Buck Bitcoin Businesses The Internet

Bitcoin Exchange Coinbase Reportedly Valued At $1 Billion (reuters.com) 72

An anonymous reader quotes Reuters: Bitcoin exchange Coinbase Inc. is in talks with potential investors on a new round of funding at a valuation of more than $1 billion, the Wall Street Journal reported on Friday. It is not clear which investors are committing to the round, which was described as targeting around $100 million or more, the Journal reported, citing people familiar with the matter... Demand for crypto-assets has soared with the creation of new tokens to raise funding for start-ups using blockchain technology. Coinbase said in January it raised $75 million from several major financial institutions including the New York Stock Exchange, USAA Bank and Spanish banking group BBVA.
Though Bitcoins were selling for $892 in January, they've nearly tripled in value over the last five months. Despite the fact that Coinbase "suffered outages" last week, the price of Bitcoin still rose 13.6% over the next nine days to $2561.
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Bitcoin Exchange Coinbase Reportedly Valued At $1 Billion

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  • by Anonymous Coward

    This is a bubble built on criminal activity. Once law enforcement starts cracking down on ransomware authors and terror organizations get disrupted again, the bubble will collapse and there will be a rapid decline in Bitcoin valuation. Caveat emptor.

    • by Anonymous Coward

      If you had bought $100 worth of Bitcoin in May of 2010 it would be worth somewhere around US$79 Million today. The problem is, neither Coinbase, nor anyone else, is just going to hand you $79 Million for your Bitcoin. For anything more than a few thousand dollars, Bitcoin is essentially useless.

      And yes, it *IS* a bubble largely built on criminal activity.

      • If you had bought $100 worth of Bitcoin in May of 2010 it would be worth somewhere around US$79 Million today. The problem is, neither Coinbase, nor anyone else, is just going to hand you $79 Million for your Bitcoin. For anything more than a few thousand dollars, Bitcoin is essentially useless.

        I know a guy who claims he can cash out $79 million in tulip bulb futures, if anyone's interested.

        • Daily Bitcoin trade volume is well over 100k BTC, on most days, and over 200k BTC on high volume days. Selling 30k BTC would be fairly easy, actually.

  • by Anonymous Coward

    In other news all Bitcoin miners have a real world net worth of $0.00

  • If they're doing so well, they must be making good money. So why, exactly, do they need to raise another $100 million?

    The valuation they're talking about is nuts. Truly, the next Internet bubble is not far from bursting...

    • has something to do with it. The value of Bitcoin's always been tied to the illicit drug trade and the current administration has signaled a shift away from legalization or even a hands off approach to let the States do their own thing. Then there's all the ransomware going around that's paid in bitcoin.

      After all, a currency is only as valuable as what you can buy with it.
  • I would say it's the ghost of Jordan Belfort in action, but he's not dead.

  • by Anonymous Coward

    Bitcoin and related crypto-currency is bullshit and this will all end in tears. Governments are trying to clamp down on cash but haven't worked out that this is easier to manipulate and even better for criminals. Some governments are trying to tax it with goods and service taxes as if it's a product. Do they also tax money exchange at 10%-20%? This makes it undesirable for criminal and legitimate trader alike. While they're busy trying to regulated criminals will continue to laugh and use the unregulated ve

    • It is true that they haven't "worked out" what you say, but that is because it is a ridiculous claim based on ignorance. Government also hasn't "worked out" how easy it is to beat other decentralized services, such as how "easy" it is to stop a file from spreading via bit torrent, or how "easy" it is to keep a copy of the Linux kernel out of the hands of the masses (without taking down the whole internet.)

Parallel lines never meet, unless you bend one or both of them.

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