Empire Newsletter: Is Coinbase stock a proxy bet on crypto’s success?

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Coinbase stock is considered a proxy bet on crypto’s success. 

But what does success mean for crypto?

Basing it on rising prices and record-high valuations feels right but markets don’t really tell the whole story. 

Maybe success is more about how much data is kept in decentralized file storage protocols, or stablecoin adoption in places with rampant high inflation. 

Perhaps it’s the total value locked in real-world asset projects, like BlackRock’s tokenized money market fund on Ethereum. All those have little to do…

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