Coinbase goes for an IPO. As far as I could understand, there were rumors about that for quite some time already. Several days ago the rumors became facts and Coinbase confirmed their submission of the "draft" IPO registration form. Quite by chance, the submission coincided with a 20% pump in BTC. There're also rumors that the IPO will be managed by Goldman Sachs.
This story is both good and bad news, depending on what you actually expect as a result.
Ok, good news first.
The story is indeed bullish for BTC and crypto in general. Super-bullish, I dare say. We might well see "a wall of institutional money coming into crypto", pumps, hypes, and FOMOs. Not necessarily tomorrow or the next week, but it might well happen rather sooner than later. The Goldman guys are smart enough to create a successful Bitcoin myth and drive the prices to the Moon and beyond.
Actually, that IPO will open a completely new era in crypto -- the era of corporate hypes, shills, and FOMOs! The crypto money game will jump to an entirely new level.
Even if Goldman itself is not that much interested in crypto (i.e. it doesn't want to buy and hodl bitcoins), it's indeed interested in a successful IPO (and associated commissions). At an ICO you push your shit to naive enthusiasts who are ready to go for any Youtube-hyped Twitter scam. At an IPO on a US-based exchange, you have to push your shit to funds and banks, the guys who wouldn't give a fuck about "whitepapers" and Linkedin profiles. You have to prove them with account statements in hand that your shit is actually candy. The Goldman guys are pretty good at handling account statements, they know how to make shit look like candy.
Well, I hope everybody can see what I mean.
Now to the bad news.
Goldman Sachs and other "institutional money" will enter crypto speculations not to make you rich. They will enter to make themselves rich. I think every little shrimp should take a note of it before blowing his mind at new ATH celebrations.
Goldman and friends are not that handful of crypto-enthusiasts, Youtube shills, Twitter influencers, and self-proclaimed "whales" you used to play with before. They're rather cold-blooded financial killers with resources beyond any imagination, who spent their whole life in the Big Money Game. It's kinda hard to expect them to be impressed with Elon Musk's twits. These guys will come here to make big money and they will make this money at the expense of naive shrimps and cocky whales -- simply because here in crypto there are no other pockets to take money from.
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