Core Viewpoint - Bitcoin's long-term investment thesis is transitioning from speculation to being recognized as a store of value, with projections suggesting it could reach $1.4 million by 2035 [1][4]. Store-Of-Value Model Drives $1.4 Million Target - Analysts from CF Benchmarks propose that Bitcoin will gradually assume part of gold's role as a store of value, supported by a framework that includes comparative valuation, production costs, and sensitivity to monetary liquidity [2]. - The current market for store-of-value assets is approximately $30 trillion, with gold being the predominant asset [2]. Market Capitalization Scenarios - Analysts modeled scenarios where Bitcoin captures between 17% and 33% of gold's market capitalization by 2035 [3]. Price Target and Returns - A probability-weighted analysis yields a base-case price target for Bitcoin of around $1.42 million, indicating potential annualized returns of about 30% [4]. Production Costs and Price Support - The report emphasizes rising production costs as a factor supporting Bitcoin's price over time, treating it similarly to a commodity like gold [6]. - Current estimates suggest it costs between $40,000 and $50,000 to mine one Bitcoin, with production becoming increasingly challenging due to halving events and rising mining difficulty [6]. Liquidity and Volatility Trends - Bitcoin's price is closely correlated with the global M2 money supply, which influences investment availability; typically, Bitcoin's price rises following increases in M2 [8]. - The report notes a trend of decreasing price volatility, with expectations that it will fall to around 28% by 2035, down from previous triple-digit levels [11]. Institutional Participation - Increased liquidity and institutional involvement are contributing to the reduction in volatility, with even small allocations to Bitcoin potentially enhancing portfolio returns [12]. Broader Industry Perspectives - Other industry leaders, including Coinbase's CEO and BitMEX co-founder, have echoed similar bullish projections for Bitcoin, with targets reaching $1 million by 2030 [13][14]. - The macroeconomic environment is seen as favorable for Bitcoin, with expanding liquidity and rising institutional comfort with digital assets [16]. Current Market Context - Bitcoin is currently approximately 30% below its all-time high of nearly $126,000, indicating a significant gap between long-term projections and the current market situation [17].

Core Insights - Coinbase is transitioning into an "everything exchange," integrating traditional finance, crypto tools, and onchain infrastructure into a single platform [2][3] Product Announcements - Coinbase introduced several new products, including: - Commission-free stock and ETF trading in the U.S., allowing users to trade equities alongside crypto using USD or USDC [4] - Prediction markets for trading on real-world outcomes like elections and sports through a partnership with Kalshi [4] - Equity futures and perpetuals trading within the main Coinbase app [4] - Solana DEX trading via Jupiter for swapping Solana tokens directly on Coinbase [4] - New borrowing functionality against BTC and ETH holdings [4] - Coinbase Token Sales for ICO launches and early-stage token support [4] - Coinbase Tokenize, an institutional platform for tokenized assets, including tokenized stocks [4] - Global launch of the Base App, available in over 140 countries [4] - Coinbase Business, offering payments, invoicing, and USDC-based tools for companies [4] - Expanded stablecoin and payments APIs, including embedded wallets and custom-branded stablecoins [4] - Coinbase Advisor, an AI-powered assistant for portfolio navigation [5] Strategic Vision - The CEO of Coinbase, Brian Armstrong, emphasized the goal of becoming the 1 financial services app globally, leveraging new releases like stock trading and prediction markets [6] - Coinbase is adopting the "everything app" model similar to Robinhood and others in the industry [6]

Dig into the Coinbase product announcements from this week + catch up on all the newshttps://t.co/FETxyaPK0Q ...

Came for one thing. Stayed for everything. https://t.co/wHgte3IsCb ...

RT Timmy Shen (@timmyhmshen).@coinbase is taking its prediction markets push to court.The crypto exchange has sued Michigan, Illinois and Connecticut, ramping up a legal fight over who gets to regulate the space — just a day after unveiling its @Kalshi partnership.Read full story @TheBlock__ ...

And welcome back to Worldwide Exchange. Check on a few big stories that we are following this morning. President Trump not ruling out a potential war with Venezuela and new comments to NBC News this morning, saying there will be additional seizures of oil tankers and he also declined to say whether ousting President Nicholas Maduro was his ultimate goal.The president also talking his trade policy, saying his tariffs are permanent. The Bank of Japan raising their short-term interest rates by a quarter point ...

来源：市场资讯 Coinbase 就康涅狄格、伊利诺伊、密歇根三州试图以"博彩监管"框架约束预测市场一事提起诉讼。 Coinbase 首席法务官 Paul Grewal 表示，预测市场应由美国商品期货交易委员会（CFTC）统一监管，而 非州级博彩监管机构；Coinbase 称州层面的限制将"扼杀创新并违法"。（CoinDesk） （来源：吴说） ...

Cathie Wood's Ark Invest scoops up more Coinbase shares following crypto exchange's 'System Update' event https://t.co/iKqVzX24fP ...

Coinbase has filed lawsuits in Connecticut, Illinois, and Michigan, challenging state efforts to regulate prediction markets. The exchange argues that prediction markets fall under the exclusive jurisdiction of the U.S. CFTC, not state gaming regulators, and says state-level restrictions unlawfully treat these markets as gambling. https://t.co/WabJgmWJN9 ...

Core Viewpoint - Coinbase is actively engaging in the legal landscape as it expands into the prediction markets sector, which is experiencing rapid growth [1] Group 1: Company Developments - Coinbase is entering the prediction markets, indicating a strategic move to diversify its offerings and tap into a growing segment of the market [1] - The company is not delaying its legal preparations, suggesting a proactive approach to potential regulatory challenges in this new area [1] Group 2: Industry Trends - The prediction markets are identified as a rapidly growing sector, highlighting increasing interest and potential profitability in this area [1]