Few recent new issues have brought forth the unbelievable level of cheerfulness that Coinbase (COIN) is generating, although Snowflake’s (SNOW) awe-inspiring launch last September immediately comes to mind. The mania surrounding COIN centers on the belief that it represents a once-in-lifetime investment opportunity since it’s viewed as the primary bridge to the cryptocurrency markets and, in particular, to Bitcoin.There’s no denying that Bitcoin is emerging into the public sphere and is increasingly seen as a viable alternative to fiat currencies. In recent months, prominent financial institutions such as Goldman Sachs (GS), Morgan Stanley (MS), PayPal (PYPL), and Square (SQ) have all made strides to better align their businesses with the leading cryptocurrency. This increasing legitimacy has helped empower an astonishing 120% rise in Bitcoin, which is trading at record highs in tandem with COIN’s publicly traded debut.With Bitcoin and Ethereum accounting for over half of all trading volume on COIN’s platform, the company is a clear beneficiary of the surging popularity and skyrocketing price of Bitcoin. Therefore, it’s no wonder that there’s a stampede for COIN shares as investors look to get in on the action in the crypto market.It seems likely that COIN’s entrance into the public markets through its direct listing will only accelerate more interest and enthusiasm for Bitcoin and cryptocurrencies in general. For investors with a more skeptical perspective regarding the usefulness and future of crypto assets, seeing the country’s biggest crypto exchange explode in value is a convincing event.