This morning, Coinbase, Inc. ($COIN) started trading after a direct listing on the Nasdaq stock exchange, with a current share price[1] of 554,212 sats[2] ($349). With 261.3 Million shares outstanding, the company has a market capitalization of 1,475,878 BTC ($91.19 billion) at the time of writing. While Coinbase has played a large role in the history of Bitcoin, especially in the United States over the last decade, the company is unattractive from an investment standpoint in bitcoin terms, and anyone using the world’s soundest money as their unit of account for economic calculation should agree.
The Real Unit of Account
While valuing equities with bitcoin as a primary unit of account can be inconvenient over a short amount of time due to volatility in the dollar exchange rate, it is absolutely crucial to understand valuations in bitcoin terms if you wish to retain (and grow) your purchasing power into the future.
You cannot escape the opportunity cost of bitcoin, and the opportunity cost of not accumulating the world's strongest and most sound monetary asset, is quite large. Regardless of how bullish you may be on Coinbase and the company’s moat in the *cryptocurrency* industry, bitcoin obsoletes all other money[3]. To think that any company should be worth 7-8% of global wealth is ludicrous, nevermind one that holds less than ~0.2%of the global money supply, with about 4,487 BTC.
If these measurements seem outrageous or incomparable, you might be missing what is truly taking place. Bitcoin is still a nascent, yet extremely robust and hardened technology and monetary asset. A reaction to growing global demand for an alternative monetary system, the emergence of Bitcoin in contrast to the increasingly fragile and unstable incumbent fiat monetary order, Bitcoin stands
