Scaramucci Was Taken Aback by Slacking Banks On Coinbase’s Latest Listing
By Luke F - Crypto Investor - 15-04-2021
Coinbase had announced on Wednesday a new direct listing, much to the delight of investors. The Skybridge founder, Anthony Scaramucci firmly believes banks should have paid more attention to the case.
Scaramucci stated that “there isn’t a wake-up call at the banks”, comparing the cultural understanding at the time to “the Netscape IPO in 1995 at Microsoft.” Scaramucci expressed his views to CNBC on Friday, after mentioning Coinbase's association with Bitcoin (BTC), and both the company’s and asset's recent growth.
He continued, saying how he believes Bill Gates dismissed the internet as a passing “fad”. Stating how that when Gates understood what was going on with the Netscape IPO, it was only then when “he deployed several billion dollars into an internet strategy which led to Explorer […] I’m surprised the commercial banks, people like Jamie Dimon, aren’t pouring money into a clone of Coinbase.”.
Michael Novogratz, the CEO of Galaxy Digital, recently compared Netscape's debut to the Coinbase listing. He cited the digital asset company's public debut as a watershed moment of cryptocurrency adoption. Scaramucci said that he believes the Coinbase listing to be a “seminal event”, later revealing that he owns some Coinbase stock. “He compares the stock to “Facebook and Google” in the same way they traded in their first 48 hrs.
As reported in TradingView results, the Coinbase stock peaked at around $429 on its first day of trading but has since retraced, trading around $340 at the time of publication. The cryptocurrency trading business where you can buy crypto and coin swap is traded under the ticker symbol COIN, but a tokenized version of the portfolio is also available on the crypto derivatives exchange FTX.
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