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How Three Crypto Unicorns Going Public In 2021 Could Boost Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
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Something special seems to be brewing in the crypto industry lately. Bitcoin is becoming a respected and mature financial asset, and the businesses associated with them are finally getting the respect they demand too.

The next year, a major catalyst for the next crypto bull market could be a variety of crypto companies going public by way of IPO, bringing much-needed interest and attention from traditional finance into the world of emerging digital assets. Here are the three crypto unicorns one analyst expects to see go public next year, along with one more company that could follow suit – and what the impact this might have on Bitcoin and the greater crypto industry.

Could Bitcoin’s Next Bull Run Be Fueled By Crypto Unicorn IPO FOMO?

Years ago, the crypto bubble that brought Bitcoin to $20,000 and Ethereum to $1,400 and made them household names, had very little to do with the companies that offered these digital assets.

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They simply were intermediaries that offered the exchange of cash for such crypto coins, and little more. But over the years during the crypto bear market, these companies that once only offered Bitcoin have built themselves into an empire of products and services, that challenge the likes of traditional banking.

Related Reading | How Crypto Company IPOs Could Incite Retail Investor FOMO

Coinbase, for example, is a financial powerhouse in its own right, offering lending, borrowing, education, and more, right alongside investing. But Coinbase is just one of three giants that crypto analyst and market commentator Ryan Selkis has his “money on” that goes public in 2021.

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My money is on three U.S. crypto unicorns going public in 2021, Coinbase, DCG, and BlockFi ($1bn at IPO?)

Of the three, Coinbase may be the most interesting bellweather for public market crypto appetite as it's the only one that's likely down from 2018 revenue.

Thoughts?

— Ryan Selkis (@twobitidiot) October 14, 2020

He says of the three he expects, Coinbase “may be the most interesting bellwether for public market crypto appetite,” and points out the company’s revenue is down year-over-year since 2018 – when retail FOMO finally fizzled.

Coinbase IPO rumors first appeared earlier this year, and now it has since caused a ripple-effect of other companies that are expected to follow suit.

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Related Reading | Here’s How XRP Could Derail Ripple’s IPO Plans

Selkis also expects blockchain-based wealth management services provider BlockFi and the Barry Silbert-led Digital Currency Group to follow the lead and debut publicly with an IPO.

While Selkis doesn’t mention another crypto project, Ripple was also rumored to be considering an IPO but may have run into a regulatory snafu that is prompting the company to potentially relocate to further its goals as a business.

crypto market cap btcusd

Could Crypto Unicorns Going Public Help Set A New High In Crypto Market Cap? Source: CryptoCap-Total on TradingView.com

The cryptocurrency total market cap is still down by more than half from its previous all-time high.

While any of the money coming into IPOs won’t contribute to this figure at all, it is more than probable that if crypto takes the limelight in the traditional asset space, cryptocurrencies themselves like Bitcoin and Ethereum will see a major boost, and so will the total crypto market cap.

Featured image from Deposit Photos
Tags: bitcoinbtcbtcuscBTCUSDTcoinbasecryptoIPOxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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