Lyft, the world’s second largest ridesharing app, makes a debut on Nasdaq on Friday which leads to the discussion of how it’s success will benefit Bitcoin and other digital credits.
Some of Silicon Valley’s greatest assets have been reported to go public since firms are looking to shift from venture capital funds. Lyft has now become 1/3rd of the world’s ridesharing industry and in a short amount of time join the league with names like; Uber, Pinterest, Postmates, Slack, and Airbnb.
Venture capital firms that have accumulated billions of dollars worth of percentage in the above read companies will use this IPO frenzy to take a load off their shoulders; cash said to be hundreds of billions. And to use this profit to reinvest in Bitcoin beneficial firms etc.
A cryptocurrency conglomerate, Barry Silbert, names multiple investors already a huge part of the crypto market, to use this profit to buy into blockchain and cryptocurrency labels, which isn’t some irrational opinion. An example Andreessen Horowitz having 5% of Pinterest to gain $500 million once the social media goes public.
BitMEX’s chief executive, Arthur Hayes, believes such big names of Silicon Valley on Wall Street will not be benefiting, that venture capital cash will not make its way into blockchain space, he talks about rising and fall of Bitcoin and the effect it had on the stock market. He further states how Bitcoin can rise this year as well.