The famous “Super Angel” investor Ron Conway from Silicon Valley sees the next opportunity for innovations worth several trillion dollars in the crypto-economy. The Silicon Valley legend compares Coinbase with Google via a direct listing on the Nasdaq after the company’s IPO.
Crypto is the next multitrillion dollar opportunity for innovation
Legendary investor Ron Conway, often referred to as the “Super Angel” from Silicon Valley, discussed the state of the crypto market and its future prospects in an interview with CNBC on Wednesday. Conway, an early investor in Coinbase, compares the company to Google.
Conway, an American venture capitalist and philanthropist known as the “Godfather of Silicon Valley”, has placed more bets on internet startups than anyone 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 famous investor said, “If you start at the top of the funnel. Take a look at the market size for the crypto economy. Last year it was $ 778 billion that went up to over a trillion. And the crypto-economy is still in its infancy. ” He confirmed:
The crypto economy is the next multitrillion dollar opportunity for innovation.
Regarding Coinbase, with its huge valuation that exceeds that of the exchange it is listed on, he said, “When people look at the size of the opportunity, these companies’ market cap looks a little more reasonable.” Coinbase had on its public Debut valued at up to $ 100 billion.
“We are in an inflated market no matter what. Hence, all businesses today are worth a pretty high price. If you look at the size of the crypto market, I think they are analog, ”explained Conway.
Coinbase is the new Google, says the “godfather of Silicon Valley”
The cryptocurrency exchange operator Coinbase went public on Wednesday via a direct listing on the Nasdaq. Retail investors poured $ 57.35 million into the company when it went public, according to Vandatrack, who oversees retail investing in 9,000 individual stocks and ETFs in the US. The data watchdog estimates Coinbase’s public debut was the fifth largest in terms of retail purchases for newly listed stocks since 2017.
Given the sheer number of companies including Square Inc. and Robinhood, Conway was asked what makes Coinbase stand out and why he thinks Coinbase is the new Google rather than Yahoo.
“What really sets Coinbase apart is that it is a pure crypto company. With all of these other companies, crypto is an add-on. Coinbase is what we have called a crypto-first company, and that focus makes them a market leader, “Conway described:
I firmly believe that Coinbase is the Google for the crypto-economy and is giving consumers this tremendous opportunity.
Conway also believes Coinbase already has a “great brand” and “reputation” with consumers, adding that “they are the user-friendly door to crypto”.
Do you agree with Conway? Let us know in the comments below.
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