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NEWS BYTES by Bitcoin.com 5/23/2024 Fred Ehrsam Predicts Future Crypto Growth Driven by Demographic Shifts
In a recent social media post, Fred Ehrsam, co-founder of Coinbase and crypto investment firm Paradigm, predicts that the cryptocurrency market will continue to gain momentum due to the growing influence of younger generations. He points out that ownership of crypto assets is currently highest among the 18-45 age group, with a significant drop-off after the age of 65. Similarly, politicians and policymakers who support or oppose crypto holdings follow a similar demographic trend. Ehrsam believes that as these young supporters grow in wealth and political power, the demand for and acceptance of cryptocurrency will only increase, driving its continued growth and adoption.
NEWS BYTES by Bitcoin.com 5/23/2024 Fred Ehrsam Predicts Future Crypto Growth Driven by Demographic Shifts
In a recent social media post, Fred Ehrsam, co-founder of Coinbase and crypto investment firm Paradigm, predicts that the cryptocurrency market will continue to gain momentum due to the growing influence of younger generations. He points out that ownership of crypto assets is currently highest among the 18-45 age group, with a significant drop-off after the age of 65. Similarly, politicians and policymakers who support or oppose crypto holdings follow a similar demographic trend. Ehrsam believes that as these young supporters grow in wealth and political power, the demand for and acceptance of cryptocurrency will only increase, driving its continued growth and adoption.
At least then, you had the option to sell. Simply not the case here.
How can you sell hundreds of thousands of shares when the stock has zero or near zero volume most days???
Zacks Equity Research article 5/22/2024; Zacks Investment Ideas feature highlights: Coinbase, Robinhood, Reddit, GameStop andMicroStrategy
Cash Cow
"Seth Klarman is a legendary value investor, billionaire, and one of the highest-earning money managers in the world. In an interview last year, Klarman stated that he avoids crypto but sees value in Coinbase, saying, “Coinbase is sitting on $5 billion in cash, has less than that in debt, and is doing some smart things.” Well, now that number has grown to more than 7 billion. I bring this to your attention because not many people trading a stock like COIN probably understand how sound the company is fundamentally."
"COIN has beaten expectations for five straight quarters, and not only are they beating them, they are smashing them. Over the past five quarters the average EPS surprise is 364.63%!"
https://finance.yahoo.com/news/zacks-investment-ideas-feature-highlights-100100391.html
The Block Article: Coinbase to launch gold and oil futures trading by RT Watson 5/21/2024
"U.S.-based cryptocurrency exchange Coinbase announced it will launch retail-sized futures contracts for oil and gold. The new product will launch as of June 3rd, Coinbase Derivatives said on Tuesday.
'While crypto derivatives remain at the core of our business, we're excited to announce the launch of new futures contracts for oil and gold,' the company said in a statement."
https://www.theblock.co/post/295816/coinbase-to-launch-gold-and-oil-futures-trading
A key crypto bill is set for a House vote tomorrow. The Financial Innovation and Technology for the 21st Century Act (FIT21)
FROM COINBASE BYTES: 5/21/2024
Inside the bill that could shape the future of the U.S. crypto industry
Even though nearly 20% of Americans have purchased crypto, and many of the world’s most innovative crypto companies are based here, the United States lags far behind most developed economies when it comes to crypto regulation.
This week, however, Congress is finally poised to vote on a landmark piece of legislation that would create a comprehensive, federal regulatory regime for crypto in the U.S.
The Financial Innovation and Technology for the 21st Century Act (FIT21) has been hailed by cosponsor Rep. Patrick McHenry (R-N.C.) as the “culmination of years of bipartisan efforts to finally provide clarity.” And in a recent town hall meeting, Rep. Ritchie Torres (D-N.Y.) praised the bill for offering “regulatory clarity where none exists. It protects both consumers and investors.”
Among many other things, the bill would clarify questions around which agencies have the responsibility to regulate various aspects of the crypto industry, create consumer protections for the 52 million Americans who own crypto, and give web3 developers looking to launch projects in the U.S. clear rules of the road.
In advance of the vote, which is expected to take place on Wednesday, here’s what you need to know.
Why is FIT21 important?
Given the U.S. is home to both Wall Street and Silicon Valley, it’s unsurprising that it’s grown into a global crypto hub. But the chaotic regulatory picture here — especially as compared to regions including the U.K., the EU, and some parts of Asia that have made significant strides in providing clarity — means crypto companies and innovators are increasingly looking outside the U.S.
An estimated 2% of web3 developers have been leaving the U.S. annually due to potential risks around basing a digital asset project here, and around 4 million blockchain-related jobs are at risk over the next 5-to-7 years.
Coinbase supports FIT21, saying the bill “offers a strong regulatory framework providing clear definitions, consumer protections, and a path for regulation that does not stifle innovation.”
Here are some of FIT21’s major provisions:
FIT21 would clarify which agency has regulatory jurisdiction over different parts of the crypto ecosystem.
Currently, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both claim jurisdiction to regulate the crypto industry, and the fractured landscape makes it difficult for crypto companies to operate amid limited and confusing guidance and heavy-handed enforcement actions.
FIT21 would clarify that the CFTC has jurisdiction over digital commodities, while the SEC’s jurisdiction would be focused on digital assets offered as part of an investment contract.
How would crypto commodities and securities be defined?
In very basic terms, it comes down to decentralization. As a16z crypto’s FIT21 explainer puts it, the CFTC would regulate a digital asset as a commodity “if the blockchain, or digital ledger, on which it runs is functional and decentralized.” (Disclosure: a16z is a Coinbase investor.)
The SEC would regulate a digital asset as a security “if its associated blockchain is functional but not decentralized.”
The bill also provides a definition for decentralization, including the requirement that no individual can control the blockchain and that “no issuer or affiliated person” controls more than 20% of the project’s digital assets or voting power.
The bill would also create new consumer protections for crypto users.
The legislation helps protect consumers by requiring increased transparency and accountability from the crypto industry.
Digital-asset institutions like crypto exchanges would be required to segregate customer funds from their own, provide appropriate disclosures to customers, and reduce potential conflicts of interest through registration and operational requirements.
The bill would also require digital asset developers to provide accurate information about their project’s operations, ownership, and structure. It also requires lock-up periods for tokens issued to insiders.
Who supports this bill?
FIT21 passed out of two committees last July with bipartisan support, and is now advancing to a full House vote with supporters on both sides of the aisle.
Rep. McHenry, who chairs the House Financial Services Committee, has made passing FIT21 a top priority for 2024 during his final term in Congress before retiring. Meanwhile, a letter from eight House Democrats this week said that the bill would “promote a secure, innovative, and inclusive financial future.”
Can FIT21 pass in the House of Representatives?
Yes, it’s definitely possible. This past Thursday, another crypto-related bill (which would overturn a controversial SEC rule that makes it harder for banks to handle crypto customers) garnered support from 12 Democrats and 48 Republicans in the U.S. Senate, which has some observers hopeful that similar levels of bipartisan support are possible for FIT21.
“There’s still some big names on the Democratic side who haven’t made their thoughts known,” said Rep. Wiley Nickel (D-N.C.). “The advice I’m giving Democrats is, we cannot hand this issue to Republicans.”
What could happen next?
If FIT21 passes in the House, that alone represents a huge step forward. The bill’s next stop would be the Senate, which could approach the legislation in a variety of ways. Aside from a straightforward vote, one possible approach comes from Rep. French Hill (R-Ark.), who is in line to succeed Rep. McHenry as chair of the Financial Services Committee. Hill has suggested tying FIT21 to one of Congress’s larger spending bills before the end of the year.
The bottom line…
There aren’t many issues more important to the future of the U.S. crypto industry than regulatory clarity — and FIT21 would make major strides in that direction.
A key crypto bill is set for a House vote tomorrow. The Financial Innovation and Technology for the 21st Century Act (FIT21)
FROM COINBASE BYTES: 5/21/2024
Inside the bill that could shape the future of the U.S. crypto industry
Even though nearly 20% of Americans have purchased crypto, and many of the world’s most innovative crypto companies are based here, the United States lags far behind most developed economies when it comes to crypto regulation.
This week, however, Congress is finally poised to vote on a landmark piece of legislation that would create a comprehensive, federal regulatory regime for crypto in the U.S.
The Financial Innovation and Technology for the 21st Century Act (FIT21) has been hailed by cosponsor Rep. Patrick McHenry (R-N.C.) as the “culmination of years of bipartisan efforts to finally provide clarity.” And in a recent town hall meeting, Rep. Ritchie Torres (D-N.Y.) praised the bill for offering “regulatory clarity where none exists. It protects both consumers and investors.”
Among many other things, the bill would clarify questions around which agencies have the responsibility to regulate various aspects of the crypto industry, create consumer protections for the 52 million Americans who own crypto, and give web3 developers looking to launch projects in the U.S. clear rules of the road.
In advance of the vote, which is expected to take place on Wednesday, here’s what you need to know.
Why is FIT21 important?
Given the U.S. is home to both Wall Street and Silicon Valley, it’s unsurprising that it’s grown into a global crypto hub. But the chaotic regulatory picture here — especially as compared to regions including the U.K., the EU, and some parts of Asia that have made significant strides in providing clarity — means crypto companies and innovators are increasingly looking outside the U.S.
An estimated 2% of web3 developers have been leaving the U.S. annually due to potential risks around basing a digital asset project here, and around 4 million blockchain-related jobs are at risk over the next 5-to-7 years.
Coinbase supports FIT21, saying the bill “offers a strong regulatory framework providing clear definitions, consumer protections, and a path for regulation that does not stifle innovation.”
Here are some of FIT21’s major provisions:
FIT21 would clarify which agency has regulatory jurisdiction over different parts of the crypto ecosystem.
Currently, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) both claim jurisdiction to regulate the crypto industry, and the fractured landscape makes it difficult for crypto companies to operate amid limited and confusing guidance and heavy-handed enforcement actions.
FIT21 would clarify that the CFTC has jurisdiction over digital commodities, while the SEC’s jurisdiction would be focused on digital assets offered as part of an investment contract.
How would crypto commodities and securities be defined?
In very basic terms, it comes down to decentralization. As a16z crypto’s FIT21 explainer puts it, the CFTC would regulate a digital asset as a commodity “if the blockchain, or digital ledger, on which it runs is functional and decentralized.” (Disclosure: a16z is a Coinbase investor.)
The SEC would regulate a digital asset as a security “if its associated blockchain is functional but not decentralized.”
The bill also provides a definition for decentralization, including the requirement that no individual can control the blockchain and that “no issuer or affiliated person” controls more than 20% of the project’s digital assets or voting power.
The bill would also create new consumer protections for crypto users.
The legislation helps protect consumers by requiring increased transparency and accountability from the crypto industry.
Digital-asset institutions like crypto exchanges would be required to segregate customer funds from their own, provide appropriate disclosures to customers, and reduce potential conflicts of interest through registration and operational requirements.
The bill would also require digital asset developers to provide accurate information about their project’s operations, ownership, and structure. It also requires lock-up periods for tokens issued to insiders.
Who supports this bill?
FIT21 passed out of two committees last July with bipartisan support, and is now advancing to a full House vote with supporters on both sides of the aisle.
Rep. McHenry, who chairs the House Financial Services Committee, has made passing FIT21 a top priority for 2024 during his final term in Congress before retiring. Meanwhile, a letter from eight House Democrats this week said that the bill would “promote a secure, innovative, and inclusive financial future.”
Can FIT21 pass in the House of Representatives?
Yes, it’s definitely possible. This past Thursday, another crypto-related bill (which would overturn a controversial SEC rule that makes it harder for banks to handle crypto customers) garnered support from 12 Democrats and 48 Republicans in the U.S. Senate, which has some observers hopeful that similar levels of bipartisan support are possible for FIT21.
“There’s still some big names on the Democratic side who haven’t made their thoughts known,” said Rep. Wiley Nickel (D-N.C.). “The advice I’m giving Democrats is, we cannot hand this issue to Republicans.”
What could happen next?
If FIT21 passes in the House, that alone represents a huge step forward. The bill’s next stop would be the Senate, which could approach the legislation in a variety of ways. Aside from a straightforward vote, one possible approach comes from Rep. French Hill (R-Ark.), who is in line to succeed Rep. McHenry as chair of the Financial Services Committee. Hill has suggested tying FIT21 to one of Congress’s larger spending bills before the end of the year.
The bottom line…
There aren’t many issues more important to the future of the U.S. crypto industry than regulatory clarity — and FIT21 would make major strides in that direction.
Beautiful intra day reversal. Lets see how COIN closes. GLTA!
Crypto getting a great deal of attention on CNBC this morning.
Article: Meta, Match, Coinbase and others team up to fight online fraud and crypto scams by Sarah Perez 5/21/2024
"Hosting scams on your platform is bad for business, which is why on Tuesday, a group of major tech companies including Match Group, Meta, Coinbase and others are jointly launching a new coalition to take on online fraud across dating apps, social media and crypto.
The new coalition, Tech Against Scams, will work together to find ways to fight back against the tools used by scammers and to better educate the public against financial scams."
https://techcrunch.com/2024/05/21/meta-match-coinbase-and-others-team-up-to-fight-online-fraud-and-crypto-scams/
Hey, Sellers, you still milking this dried up tit every month? I have no doubt you're laughing all the way to your church pew every Sunday.
Article Investors Business Daily by Harrison Miller 5/17/2024
" Cryptocurrency prices jumped Friday as bitcoin surged back near $67,000. Institutional investors poured hundreds of millions of dollars into spot bitcoin ETFs this past week. That could propel bitcoin toward its record highs as early as next week, one analyst said. Meanwhile, COIN stock surged after Coinbase received an upgrade and major price target hike from BofA."
" BofA on Friday upgraded Coinbase (COIN) to neutral from underperform, The Fly reported. The current macroeconomic environment has been positive for crypto market cap gains and trading volume growth, the firm wrote. Meanwhile, Coinbase has shown expense discipline and benefited from greater operating leverage after large cost cuts in 2022. BofA expects the greater operating leverage to help maintain profitability. Coinbase's increase in revenue distribution should also dampen earnings volatility, the firm added. BofA hiked its price target to 217 from 110 — a level that Coinbase had run past in November.
COIN stock jumped 4.2% Friday on the upgrade. Shares are trading below their 10-week moving averages after steadily falling from the two-year high of 283.48 in late March. Still, Coinbase stock rallied about 19.4% so far this year."
https://finance.yahoo.com/m/06548163-83f0-3b33-9f3e-8d8a0eeabee4/bitcoin-institutional-etf.html
I also believe a share buyback would catapult NSAV and make a number of us extremely well off, but is it reasonable to think they can currently afford the millions to purchase even 1 billion shares? BTW, I have been here for 3 years and have added along the way and now also hold million+ shares and would welcome such a move!
This much weekend NSAV board activity containing much useful information bodes well for the future. GLTA!
Decrypt Article: Ethereum ETF Approval Coming Sooner Rather Than Later, Says Coinbase by Mat DiSalvo
" In a note this week, America’s biggest cryptocurrency exchange said that “while there is uncertainty around a timely approval given the SEC’s apparent silence with issuers, it’s only a matter of time before such a product hits the market.
There’s a long list of top asset managers—including VanEck, BlackRock, and Franklin Templeton—who have filed paperwork with the Securities and Exchange Commission to release an Ethereum ETF."
https://decrypt.co/231264/ethereum-etf-approval-sooner-rather-than-later-coinbase
Never crazy about flying, but when I finally get to where I want to be, it's all just fine. GLTA!
It's early, am I still dreaming or is NSAV really becoming a beast???
Yes, I was also in the red but was fortunate to add significantly during the past 2 years and am nicely green now. I suspect all LONGS here will make out extremely well going forward. GLTA!
Markets running and a chunk of money tied up in this dead ticker. Could have added another million shares to my NSAV holdings and made even more money.
Nice to wake up to. Thanks!
Any LONGS in on the NSAV run with me? IMO, not too late if interested. GLTA!
Looks like even sahd3g has given up on this POS. Dead money and trapped. WTG Sellers!
Where do you people come from??? Ignored
Yea, I imagine NSAV volume would be even higher if there weren't trading platforms problems.
Interesting, watching the pps movement, I wonder how the E*Trade issues are impacting trading in general and NSAV in particular.
Yep, all morning!
I'm still having problems with E*Trade
People trying to buy NSAV! lol
Yes, cannot even get through via phone
Yep, everyone has shown up, even you. Your last negative NSAV post was in 2021. Welcome back. Ignored. GLTA!
I notice that my ignore list seems to grow along with the increasing pps. Correlation? GLTA!
Got in late in 2021 and missed most of the first run, but have held and added regularly since then. I'm loaded now and ready this time. GLTA!
Really liking my adds at .005 and .0068 last week. GLTA!
THE BLOCK article May 10,2024: Franklin Templeton claims Coinbase-incubated Ethereum Layer 2 Base has 'hit a homerun' in SocialFi by James Hunt
"The combination of Base-based applications and direct integration with Coinbase’s users means the network is well positioned to capture a “material share” of SocialFi activity and remain a leader in the Ethereum Layer 2 sector, Franklin Templeton added."
"Base currently dominates its rivals in terms of revenue and transactions, according to The Block’s data dashboard. Base generated more than 60% ($355,000) of total Layer 2 revenue ($583,000) on Thursday."
"Built on Optimism’s OP Stack, Base’s 2.5 million seven-day moving average daily transaction count is nearly five times higher than Optimism itself and one million more than the other main optimistic rollup, Arbitrum, as of yesterday."
https://www.theblock.co/post/293713/coinbase-ethereum-layer-2-base-socialfi-franklin-templeton
COINTELEGRAPH article dated 5/9/2024: Coinbase sees infinite interoperability potential with Ethereum and USDC by Derek Andersen
Coinbase is preparing for a future of a billion customers using decentralized applications on millions of blockchains safely and securely in a system integrating the Ethereum Virtual Machine (EVM) and Circle’s USD Coin.
.
Coinbase head of tokenization Anthony Bassili, speaking at TokenizeThis 2024 in Miami, said Coinbase’s Ethereum layer-2 Base blockchain will save time on Know Your Customer (KYC) and Anti-Money Laundering (AML) with identity attestation through the Ethereum Attestation service and Coinbase verification, which creates a tag on the user’s so-called smart wallet.
https://cointelegraph.com/news/coinbase-base-blockchain-evm-usdc-ethereum-integration
The Motley Fool Article 5/9/2024: Better Crypto Stock: Coinbase Global vs. MicroStrategy by Leo Sun
The obvious winner: Coinbase
" Coinbase will remain a linchpin and bellwether of the growing cryptocurrency market, while MicroStrategy is simply a slow-growth software company that is betting the farm on Bitcoin. Coinbase is also growing faster and trades at lower valuations than MicroStrategy. Both stocks might continue to rise as the crypto market recovers, but Coinbase is clearly a more promising long-term investment than MicroStrategy right now."
https://www.fool.com/investing/2024/05/09/better-crypto-stock-coinbase-global-microstrategy/
Looks like I was 24 hrs. too soon. Holding LONG. GLTA!
Article: Coinbase benefitting from hostile regulatory environment: Bitwise by RT Watson, May 6,2024
" In the wake of the Securities and Exchange Commission issuing Robinhood Crypto a Wells Notice, Bitwise CIO Matt Hougan took to X to argue that a "hostile regulatory environment" is benefitting Coinbase, the top cryptocurrency exchange in the U.S.'The hostile regulatory environment is creating an artificial 'moat' for Coinbase's business, helping sustain extremely high margins and allowing them to over-earn in the short-term,' Hougan said in a post."
"Hougan also argued that Coinbase's ability earn solid returns in turn helping them to raise money and further their business interests.'What's impressive is that they are using this opportunity to both raise cash (now $7.1 billion) and massively diversified their business (see the growth in USDC, Base, int'l futures)' he said."
https://www.theblock.co/post/292657/coinbase-benefitting-from-hostile-regulatory-environment-bitwise
Added a little at 0068. Don't want to be chasing in the pennies. GLTA!