Even Bitwise isn’t clever to this one!
In case you’re a TradFi investor searching for publicity to crypto with out holding precise tokens, you’ve probably heard of MicroStrategy (MSTR). Bitwise just lately labeled MSTR as “basically the altcoin of TradFi” — and so they’re not incorrect. With almost 500,000 BTC on its stability sheet, MSTR trades extra like a high-beta Bitcoin ETF than a software program firm.
But when MSTR is TradFi’s altcoin, what’s the true degen play?
Coinbase (COIN) isn’t simply an trade — it’s an on-chain juggernaut. Its Ethereum Layer 2, Base, has exploded in TVL and utilization, rivaling networks that do have native tokens. However right here’s the kicker: Base has no token.
Meaning TradFi buyers can’t purchase BASE, however they can purchase COIN. If Base continues its meteoric rise, Coinbase’s income and valuation may soar alongside it, making COIN a TradFi proxy for considered one of crypto’s fastest-growing ecosystems.
MicroStrategy is a Bitcoin proxy
- MSTR’s inventory strikes virtually in sync with BTC.
- Shopping for MSTR is like shopping for Bitcoin with leverage.
Coinbase is an on-chain proxy
- COIN offers oblique publicity to Base.