Coinbase wants into wall street and said it wanted to launch its own ETF fund. Although coinbase is a billion dollar company, it is still looked down upon by some of the wall street elite because it mainly deals with cryptocurrency, which is still shunned by some of the financial elite. Coinbase, because it was made to be a cryptocurrency company and now is acting as a custodian for big clients for cryptocurrency holdings, has a lot of clout in the area and has the technical expertise to run a cryptocurrency fund. Still, even though I hope they do get an ETF through, they really don’t fit the mold of what the SEC would want running an ETF.
Iran legitimized crypto mining today as as a result, Bitcoin soared to over $24,000 in Iran. We can’t sell at that price because we can’t get in on the Iran market obviously but the upward pressure from smaller countries where Bitcoin demand is huge like Iran, Turkey, or Venezuela will eventually drive the prices of Bitcoin up because of the large amount of demand from the citizens of those countries for non-speculative purposes.