Basic Attention Token has been bullish for quite some time now. Its latest push was the announcement by Coinbase on the 2nd of this month. Coinbase announced that they would be pairing it with their new stable coin, the USDC. BAT will be the first token that they will be pairing with this stable and will be trading on Coinbase pro, with the possibility of getting listed on the regular Coinbase platform later along. Here is the statement from Coinbase with regards to the USDC pairing, and the future.
“Once sufficient liquidity is established, trading on the BAT/USDC order book will start. Users may convert their USD to USDC with one click within the Pro interface… BAT trading will be accessible for users in most jurisdictions, but will not initially be available for residents of the state of New York. Please also note that BAT is not yet available at Coinbase.com or in our iOS and Android apps. We will make a separate announcement when that occurs.
Speculation is rife that the reason why Coinbase has paired BAT is to help drive up the usage of the USDC stable coin. In a recent podcast, Brave CEO Brendan Eich stated that a site with 80 million ad blocker users was looking to move those users to the brave browser. Here is part of his statement from the podcast.
“I’m gonna tell a story about a site and you can guess which it is, has 80 million ad blocking users a month…many more non-ad blocking, they are ready to try something with us, they are ready to convert those users to Brave users.”
This means that Coinbase could be pairing BAT to take advantage of this large user base. That’s because, if those 80 million plus people start accessing the said site via brave, it will significantly drive up the volumes of BAT tokens at any given time. This would add an enormous level of activity to the Coinbase stable coin. It is a huge strategic move on Coinbase’s part.
For BAT holders, this is an even bigger reason to believe in the future of BAT as an investment. The online advertising market is slowly drying up. The increased usage of ad blockers is denying lots of websites revenues. So much so, that some major international news websites are turning to donations and subscriptions as a way to stay afloat. However, these have proven to be unsustainable models for driving revenues. Brave presents a welcome alternative, given that these websites can earn BAT tokens based on user engagement to their content. Considering that most of these major websites do have user engagement right, this could unlock value for them in a big way.
As more websites look to Brave, the demand for BAT tokens will rise as well. This makes it one of the most pragmatic crypto investments in the market today. The moment some heavy hitter websites start using brave, they will draw in the smaller ones as well. On this basis, the possibility of BAT token hitting $1 in the short-term is quite high. Long-term, once Brave becomes the standard, it could hit a valuation way higher than $1.