Crypto Joins the S&P 500. Here's What the Critics Are Saying
More good news continues to roll in for the crypto industry. Market bellwether Bitcoin (CRYPTO: BTC) is back above $100,000 and just set a new high of more than $111,000 as of this writing. And, on May 19, cryptocurrency exchange Coinbase Global (NASDAQ: COIN) formally joined the S&P 500.While crypto enthusiasts view the inclusion of Coinbase in the S&P 500 as cause for celebration, the critics and naysayers are already out in force. Here's what they are saying.Coinbase joining the S&P 500 represents a changing of the guard. As the first-ever native crypto company in the S&P 500, Coinbase will replace credit-card company Discover Financial Services, which is being acquired by Capital One Financial (NYSE: COF). So, the S&P 500 is essentially swapping out a "traditional finance" stock with a "blockchain finance" stock.Continue reading
More good news continues to roll in for the crypto industry. Market bellwether Bitcoin (CRYPTO: BTC) is back above $100,000 and just set a new high of more than $111,000 as of this writing. And, on May 19, cryptocurrency exchange Coinbase Global (NASDAQ: COIN) formally joined the S&P 500.
While crypto enthusiasts view the inclusion of Coinbase in the S&P 500 as cause for celebration, the critics and naysayers are already out in force. Here's what they are saying.
Coinbase joining the S&P 500 represents a changing of the guard. As the first-ever native crypto company in the S&P 500, Coinbase will replace credit-card company Discover Financial Services, which is being acquired by Capital One Financial (NYSE: COF). So, the S&P 500 is essentially swapping out a "traditional finance" stock with a "blockchain finance" stock.
