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Famed Silicon Valley “super angel” investor Ron Conway sees the crypto economy as the next multitrillion-dollar opportunity in innovation. The Silicon Valley legend likens Coinbase to Google after the company’s IPO via a direct listing on Nasdaq.
Crypto Is the Next Multitrillion Dollar Opportunity in Innovation
Legendary investor Ron Conway, who is often described as a Silicon Valley “super angel,” discussed the state of the crypto market and its future outlook in an interview with CNBC Wednesday. Conway, an early investor of Coinbase, likens the company to Google.
An American venture capitalist and philanthropist, who is considered the “Godfather of Silicon Valley,” Conway has placed more bets on Internet startups than anyone else in Silicon Valley. He was an early angel investor in Google, Facebook, Twitter, Reddit, Paypal, Airbnb, Square, and Pinterest to name a few.
Regarding the crypto market, the famed investor said: “If you start at the very top of the funnel. Look at the market size for the crypto economy. Last year, it was $778 billion, headed to over a trillion. And the crypto economy is in its infancy.” He affirmed:
The crypto economy is the next multitrillion-dollar opportunity in innovation.
As for Coinbase with its huge valuation that exceeds that of the exchange it is listed on, he said, “If people look at the size of the opportunity, then the market cap of these companies look a little more reasonable.” Coinbase was valued at as much as $100 billion in its public debut.
“We are in an inflated market no matter what, so all companies are worth a pretty high price today. When you look at the size of the market of crypto, I think they are analogous,” Conway detailed.
Coinbase Is the New Google, Says the ‘Godfather of Silicon Valley’
Cryptocurrency exchange operator Coinbase went public via a direct listing on Nasdaq on Wednesday. Retail investors poured $57.35 million into the company on its IPO day, according to Vandatrack, which monitors retail investing activity in 9,000 individual stocks and ETFs in the U.S. The data-monitoring firm estimates that Coinbase’s public debut was the fifth largest in terms of retail buying for newly listed shares since 2017.
Given the sheer number of companies piling into 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 it is a crypto-only company … All these other companies, crypto is an add-on. Coinbase is what we called a crypto-first company, and that focus is what is making them a market leader,” Conway described, elaborating:
I absolutely believe that Coinbase is the Google for the crypto economy and opens this huge opportunity to consumers.
Conway also believes that Coinbase already has a “great brand” and “great reputation” with consumers, adding that “They are the user-friendly door to crypto.”
Do you agree with Conway? Let us know in the comments section below.
via Bitcoin News