And if David Trainer is right, and Coinbase’s listing turns out to be a flop? According to Ingo Fiedler, co-founder of the Blockchain Research Lab, “Coinbase’s share price will still much more depend on the Bitcoin price than the other way around,” since Bitcoin trading revenue is central to Coinbase’s success as a business. Even if the stock surprises with a bad first day, Ives says Wall Street “will be focused on the reception Coinbase gets over the coming weeks and months; one day does not move the needle.”

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And others take issue with New Constructs’ gloomy prognosis. “While a majority of Americans remain skeptical about crypto, adoption by a majority isn’t required for crypto to have an impact on the majority of Americans,” Adam Liposky, Ecosystem Operations Lead at Pocket Network, told Decrypt. He likened Coinbase to EV manufacturer Tesla, as “a signal of the potential impact of technology at its early-stages.