It’s been a huge year for cryptocurrencies, but nothing’s been as validating as the April 14 direct listing of Coinbase, which operates an exchange where 56 million users buy and sell Bitcoin and more. Coinbase ended its first day of trading worth nearly $86 billion—making it the most valuable U.S. financial exchange, and giving cryptocurrencies a boost of Wall Street cred. For the moment, Coinbase is riding the high of surging interest in all things even remotely crypto-adjacent, but its value may come tumbling back to earth should crypto turn out to be a bubble.
TIME is now accepting cryptocurrency for subscriptions to time.com. Learn more.
More Must-Reads from TIME
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision
