IPO Windfalls from Airbnb Could Boost Bitcoin: DCG CEO

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Aside from MicroStrategy raising $650 million for Bitcoin this past week, one of the biggest news on financial Twitter was the Airbnb IPO. After months and even years of anticipation, the global peer-to-peer rental service went public on the stock market. While this came in the middle of a pandemic when the firm’s profits are slipping, the markets bid it higher anyway.

Airbnb’s stock, ABNB reached a $100 billion valuation just after it began trading. Further, the shares now trade for $139, despite the IPO closing at $68 per share.

This means that it is outperforming Bitcoin to some extent. Airbnb’s IPO is the latest in a series of large IPOs over the past year that have wowed the market.

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Barry Silbert, CEO of Digital Currency Group, has postulated that Bitcoin may be an ultimate beneficiary of these IPOs. Here’s why he thinks so.

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Bitcoin Could Get Boost from Airbnb Profits

The chief executive of the leading crypto-asset conglomerate and an early Bitcoin adopter, Silbert, postulated on Twitter that profits from these IPOs could make their way to Bitcoin:

Crucial Part of Any Portfolio

This potential capital migration comes as the market has begun to view Bitcoin as an essential part of any portfolio.

For instance, MassMutual recently purchased $100 million worth of BTC as it seeks better returns in a world where many bonds yield nothing or yield even negative values.

Further, there is an increasing number of Wall Street banks that think Bitcoin may be seen as a viable store of value alternative to gold.

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