I guess I’m not super surprised coinbase keeps on surprising us, and of course that makes absolutely no sense, but everyone will understand my words just fine. No matter how much FUD gets spilled out there, how hard the bears scream, it’s as if Coinbase is completely immune to the whole thing.
The bear market has been raining on absolutely everyone’s parade, but it seems like Coinbase has structured themselves in a way that even if prices seem to be working against their plans, slowing down is not even a consideration. New products keep on being announced almost weekly along with new coins making it into their wallets.
However a clear indication that things might be about ready to turn around is their announcement of OTC Markets. That, without an inch of doubt, tells us that the idea that “institutional money” is getting into the cryptospace is not just wishful thinking, at least not anymore.
Some crypto purists believe that Coinbase deserves to be bunched up with the Paypals of the world, and I would not blame anyone for thinking this way, but we can’t deny they are leading the pack with the torch clearly lit. It seems to me that all the other off/on ramps are simply playing catch up at this point in time, even though it’s not guaranteed that this will always be the case of course.
What is OTC you ask?
Over the counter markets, and what does that mean? Well, you see when retail investors like us want crypto, we go to exchanges, we upload our picture id (sometimes), connect our Bank accounts and what have you, and get limited with daily or weekly roofs, but Institutions play a whole different ball game.
The kind of money we are talking about dwarfs the biggest of whales we might imagine, when we think “crypto rich” in a sense. For this type of purchasing, for this volume, going through an exchange is simply not an option. The consequence of such purchase walls would drive up the prices uncontrollably, arguably causing a lot of problems, and I do mean arguably. (some lucky ones would make money, granted liquidity is even available)
I fully expect
Next year to be a positive one for cryptos in general, when some legislative clarity begins to bare it’s head, more and more money will start pouring into the space, and the whole craziness will start all over again, as it has so many times already. Listening to those calling for BTC’s death, is to deny the evidence that lies in front of our very face.
In other words my friends… patience is the only ingredient missing.