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Coinbase, the leading crypto wallet and exchange platform in the U.S., has been making a lot of big moves to expand its reach in the industry. The most recent one is the opening of its index fund, which aims to unlock the untapped potential of industry investors who have been reluctant to enter the crypto market, Cointelegraph reported.
These investors make up one of the factors that Fundstrat tactician Tom Lee said can potentially push Bitcoin’s (BTC) trading value to $25,000. And the cryptocurrency is indeed included in the index fund that Coinbase just opened.
Aside from BTC, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC) are also on the index’s list, with the last one being the most recent addition to Coinbase’s operation. The company announced the creation of the fund last March, and Coinbase described it as something that would alleviate the fears of institutional investors. These fears include security and regulatory compliance.
It should be noted that the San Francisco-based crypto exchange recently acquired securities dealer Keystone Capital. This would allow Coinbase to operate under the Keystone license, which can then help transform itself into a fully regulated broker-dealer by the U.S. Securities and Exchange Commission.
As for the index fund, the company will allow authorized investors from the U.S. who will pour in anything from $250,000 to $20 million. These investors should also earn more than $200,000 a year or has a net worth of more than $1 million.
If Coinbase manages to draw in these huge players, the prediction of Tom Lee might come true. Bullish claims like this aren’t new in the crypto world and some are even pushing their speculations way beyond Lee’s number.
Tim Draper, for instance, stands firm in his belief that BTC can reach a $250,000 value in 2022. However, the cryptocurrency isn’t doing well in the market as it recently fell below the $7,000 threshold and is now trading at $6,673 as of this writing.
