Coinbase has recently added added a coin called Orchid (OXT) which provide VPN service. You may not heard the coin's name since it is not a top ranked coin and has no significant markecap.
However, its supply of 1B coins with current price 60 cents, then it has marketcap of 600 million which will put it in the 21st rank.
It is amazing that a lesser known coin with very insignificant product can be listed easily in Coinbase. It is shame that Steem being 3 years and provides blockchain based social media, gaming and many other services is not still included in Coinbase.
To the best of understanding, Coinbase does not include coin of lesser rank unless they are solicited (i.e. some may say bribed). STINC has not taken enough initiative to add Steem to coinbase either.
However, for fun we can calculate the coinbase effect on Steem's price if it is included in future for its own merit.
Currently, the coin with lowest marketcap in Coinbase is Augur (REP). Augus has marketcap around $104 million. REP is ERC20 token that is used for prediction market. Interestingly, an SMT can be used for similar DApp.
If Steem at-least achieves the lowest marketcap, that is equivalent to REP, then each Steem will be 29.5 cents each that is more than double of its current price.
Moreover, with Coinbase's earn project, STINC can make some tutorials to educate investors to clear lots of misconception about Steem. However, for that STINC has to sacrifice few millions of Steem. It is a risk worth taken since price can rise couple of times which will compensate their loss with departing few millions of Steem.
So, when do you think Coinbase will add Steem- 2020 or 2021 or later or never?
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions. This opinion is only for educational purpose.
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Thanks for reading.
Cryptominer , occasional trader and tech blogger since 2013
