Renowned Silicon Valley super angel investor Ron Conway sees the crypto economy as the next multi-million dollar innovation opportunity. The Silicon Valley legend compares Coinbase to Google after the company went public by listing directly on Nasdaq.
Cryptois the next multi-million dollar opportunity ininnovation.
Legendary investor Ron Conway, often called the Superangel of Silicon Valley, discussed the state of the cryptocurrency market and its prospects in an interview with CNBC on Wednesday. Conway, an early investor in Coinbase, compares the company to Google.
The American venture capitalist and philanthropist, considered the godfather of Silicon Valley, has made more bets on Internet start-ups than anyone else in Silicon Valley. He was an early investor in Google, Facebook, Twitter, Reddit, Paypal, Airbnb, Square, Pinterest and many others.
About the cryptocurrency market, a well-known investor said: If you start at the top of the funnel. Look at the size of the crypto-economy market. Last year, it was $778 billion, surpassing the $1 trillion mark. And the crypto-economy is still in its infancy. He confirmed:
The crypto-economy is the next multi-million dollar innovation opportunity.
As for Coinbase, which has a huge valuation on the exchange where it is listed, he said that when people look at the size of the opportunity, that company’s market cap looks a little more reasonable. The public launch of the currency base is estimated at $100 billion.
We are in an inflated market anyway, so all companies are fairly well valued today. If you look at the size of the cryptocurrency market, I think they are similar, Conway said.
Coinbase is the new Google, says Silicon Valley godfather.
Cryptocurrency operator Coinbase went public on Wednesday via a direct listing on Nasdaq. Retail investors invested $57.35 million in the company on the day of the IPO, according to Vandatrack, which tracks private investor activity in 9,000 individual stocks and ETFs in the United States. The data monitoring company estimates that Coinbase’s IPO was the fifth largest since 2017 in terms of retail purchases of newly listed shares.
With so many companies entering the crypto space, including Square Inc. and Robinhood, Conway was asked what sets Coinbase apart and why he thinks Coinbase is the new Google and not Yahoo, for example.
What really sets Coinbase apart is that it’s a company that specializes exclusively in cryptocurrencies….. All that other stuff, crypto is a complement. Coinbase is what we’ve called a crypto-first company, and that’s what makes it the market leader, describes Conway, developing :
I am absolutely convinced that Coinbase is Google for the crypto economy and opens up this huge opportunity for consumers.
Conway also believes that Coinbase already has a great brand and reputation with consumers, adding that they are a user-friendly gateway to crypto.
Do you agree with Conway? Let us know your comments in the section below.
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