#coinbase #bitcoin #crypto #yahoofinance #france #europe
Coinbase (COIN) received a virtual asset service provide license in France, meaning it can operate crypto services in the country. Needham and Company Senior Analyst John Todaro joined Yahoo Finance to discuss Coinbase’s overseas growth strategy and continued hopes for a Bitcoin ETF (BTC-USD) stateside. In Todaro’s view, the “lack of regulatory clarity in the US” has pushed Coinbase to target international opportunities. However, he attributes the rise in Coinbase’s stock to how well crypto has performed the last several weeks and the expectation that a spot bitcoin ETF will be approved. For more transformational growth, Todaro believes Coinbase needs to move beyond “just trading” to provide more crypto use cases, such as developing blockchain tools that can broaden Coinbase’s central role in the crypto economy beyond exchange services. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Coin base getting regulatory approval this week in France pushing deeper into the European market now the news coming amid excitement surrounding crypto assets we have certainly seen a rally in Bitcoin prices in just the last month alone you’re looking at gains of about 16% a lot of this excitement due to a
Potential approval of a Bitcoin spot ETF the first one that could be coming to Market here in 2024 we want to bring in John Taro he is a need and Company’s senior analyst John it’s great to have you here let’s first start with the news that we got out this week of coinbase
Because when you take a look at that chart we’re looking at gains here at the open we’re looking at pretty significant gains over the last week alone over the last 5 days the stock up just about 17 and a half% how big of a milestone is this for coinbase’s international growth
Strategy sure I think it’s a strategy that they almost had to do with the the lack of regulatory Clarity in the US we saw Robin Hood do a similar push where they opened up in Europe they offer more crypto assets there for trading then in the US so it certainly makes sense for
Coinbase to do that push I would say a big part of the stock move though has just been the underlying performance of crypto assets the expectation of a Bitcoin ETF coming down um because the the miners are up quite a bit as well this past week so it’s not a you know
Just related to coinbase and their International push um but this does open up new growth strategies for them and they do plan to push more internationally in 2024 and Beyond uh especially until we get a little bit more regulatory Clarity here in the states John you got some calls out this
Morning comparing coinbase to perhaps the the Amazon of crypto you know at the end of the day what what is going to be the driving force that has consumers look at this company and say ultimately that this is something that I need to have on my phone that is so kind of
Integral in crypto to their everyday lives that coinbase sits at perhaps The Hub of that yeah I think the key to that is crypto or coinbase becoming more than just a crypto exchange brokerage so what it needs to do is um become to to your point uh have a lot more use cases
Within crypto besides just trading and one way they can do that is their own blockchain they have a a base chain is their own blockchain which they’ve launched that could become very integral to a lot of aspects of the crypto ecosystem it could underpin uh gaming applications underpin uh other trading
Products so there’s a lot of things that can do with that and that’s where users might even be transacting on one of the coinbase blockchain and not even know it so in that case coinbase could become this Hub uh for a lot of activity within crypto less so just kind of hey here’s
This retail platform to go buy and sell Bitcoin on John when it comes to how investors H advisors are thinking about Bitcoin or thinking about crypto you recently did a survey you spoke with advisers individual investors just trying to determine or gauge I guess perception of a potential uh spot
Bitcoin ETF whether or not that approval is going to really be a catalyst here for the price movement that we could see in crypto what did you find yeah so one right now there’s a lot of disinterest still in Bitcoin and a Bitcoin ETF we found that only 11% of
Individuals who haven’t bought Bitcoin in the past said they would be likely or very likely to buy into a Bitcoin ETF um so we do think right now it’s still pretty early Innings even though there’s been a lot of talk about a Bitcoin ETF your average investor they’re not
Sitting there ready to go the moment a Bitcoin ETF is launched um so one the big takeaway from that is we do think it’s early Innings we think if Bitcoin gets above 50k or higher that starts to get the excitement back in the space then you have this Bitcoin ETF product
And capital might flow in and the second point is that the advisor is where we think the capital will mostly come in you might have some individuals get excited about it but keep in mind there’s a lot of avenues that exist today for individuals to buy Bitcoin
They can go to coinbase they can go to Robin Hood they can go to decentralized exchanges so there’s a lot of avenues for those folks where we think the new capital would come in from advisors um and so the survey did find a little bit more positive aspects about advisors
Getting Capital allocated to uh Bitcoin ETF but even that we found that advisors mostly have had disinterest from their clients
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