I think this is a great move. For one, it further cements their position as the best-funded, most-respected Bitcoin processor. Even putting $1mm figure into the ether raises their profile.
Their investors (USV et al) definitely understand marketplaces back-and-forth and are in it for the long game. It makes sense to do anything possible to spur merchant adoption, and this is an eye-popping way to do it. Without merchants broadly and happily accepting Bitcoin, the marketplace just can't mature properly.
What % of Coinbase's value of is captured in merchants that will process less than $1mm lifetime? I'm sure it pails in comparison to the potential profits on the (hopefully huge and forthcoming) merchants that will drive Bitcoin at the same order-of-magnitude as Paypal, traditional credit cards, etc.
Really cool giveaways (say a Tesla) seem to work for mass appeal on the other end of the double-end of this. And the press lap it up = free marketing. :)
Comments
I think this is a great move. For one, it further cements their position as the best-funded, most-respected Bitcoin processor. Even putting $1mm figure into the ether raises their profile.
Their investors (USV et al) definitely understand marketplaces back-and-forth and are in it for the long game. It makes sense to do anything possible to spur merchant adoption, and this is an eye-popping way to do it. Without merchants broadly and happily accepting Bitcoin, the marketplace just can't mature properly.
What % of Coinbase's value of is captured in merchants that will process less than $1mm lifetime? I'm sure it pails in comparison to the potential profits on the (hopefully huge and forthcoming) merchants that will drive Bitcoin at the same order-of-magnitude as Paypal, traditional credit cards, etc.
Really cool giveaways (say a Tesla) seem to work for mass appeal on the other end of the double-end of this. And the press lap it up = free marketing. :)