Coinbase makes a serious movement on Bitcoin. CEO Brian Armstrong revealed that the Crypto Exchange is now buying Bitcoin every week, strengthening its position in the current race among the institutions to fill up on BTC.
The exchange currently holds $ 995 million in Bitcoin, making it the 10th largest company holder. Armstrong has also encouraged investors to “go for a long time” on Bitcoin, reporting strong confidence in its future as prices come close to a new summit of all time.
From maximalism to multi-token strategy
Coinbase was launched in 2012 with a Bitcoin only concentration. At the time, Armstrong rejected altcoins like XRP and Stellar (XLM) as distractions. In a tweet now deleted in 2014, he said that Bitcoin was “well in advance” on the rest – reflecting a clear Bitcoin -Maxi state of mind at the time.
This changed in 2016 when Coinbase added a support for Ethereum. Then in 2018, he widened even more by allowing ERC-20 tokens. During the Bull Run, the platform added nearly 100 new tokens in just one year. This change aroused criticism from Bitcoin purists who accused Coinbase of continuing the trends instead of remaining faithful to the BTC.
Michael Saylor Cheers Bitcoin Bitcoin de Coinbase!
Microstrategy Michael Saylor, whose company runs all the others in Bitcoin Holdings, congratulated weekly Coinbase purchases with a rocket emoji, showing his support for Armstrong’s decision.
David Bailey, CEO of Bitcoin magazine, David Bailey Also supported the decision, calling Armstrong the “goat” to double Bitcoin in such a daring and consistent way.
Can Coinbase catch up with microstrategia?
Coinbase currently contains 9,270 BTC, while Microstrategy contains a huge 592 345 BTC. Although Armstrong’s commitment to buy a week is significant, consistency will be essential if Coinbase hopes to reduce the gap.
In terms of value, Coinbase assets amounted to $ 995 million, while Microstrategy is worth around 33 billion dollars. It’s a big difference but if Coinbase continues to buy aggressively, it could start to change over time
The adoption of corporate bitcoin increases
The weekly BTC de Coinbase purchases reflect an increasing trend: institutions are increasingly considering Bitcoin as coverage against inflation and a means of preserving long -term value.
Bitcoin currently negotiating at $ 107,363, the market position on the market is solid and strengthens. While Altcoins always makes the headlines, this decision shows that for the main actors like Coinbase, Bitcoin remains the foundation.