Coinbase, the $8 billion bitcoin exchange, is planning an IPO to become a publicly-listed company. As rampant speculation sweeps the investing world, Is there a more devastating FOMO combination than the world of cryptocurrency diving headlong into a frothy tech bubble?
Nasdaq Tech Bubble, Meet Bitcoin
Bitcoin’s massive rally in 2017 is probably one of the most famous speculative bubbles in recent memory. After a stock market crash earlier this year, the latest FOMO craze has been buying beaten-up equities, with a particular penchant for bankruptcy. As those companies have struggled recently, the tech sector has forged ahead.
Companies like Nikola (the EV company that has yet to sell a car) have seen enormous gains, while established giants like Amazon and Apple are trading at record highs despite record unemployment claims in the United States.
As the largest and most recognizable cryptocurrency exchange, it has found the right time to IPO.