Famous Silicon Valley investor Ron Conway sees the crypto economy as the next multi-million dollar opportunity. The Silicon Valley legend compares Coinbase to Google after the company's IPO via a direct listing on the Nasdaq (NASDAQ shares).
Cryptocurrencies are the next multi-million dollar opportunity
Legendary investor Ron Conway, who is often described as a "Super Angel" from Silicon Valley, discussed the state of the cryptocurrency market and its future prospects in an interview with CNBC on Wednesday. Conway, one of Coinbase's early investors, compares the company to Google.
An American venture capitalist and philanthropist, considered the "Godfather of Silicon Valley," Conway has bet more on Internet startups than anyone else in Silicon Valley. He was one of the first Angel Investors in Google, Facebook, Twitter, Reddit, Paypal, Airbnb, Square and Pinterest to name a few.
As for the cryptocurrency market, the famous investor said: “If you start at the top of the funnel. Look at the size of the market for the crypto economy. Last year it was $ 778 billion, headed for over a trillion. And the cryptocurrency economy is in its infancy ”. He said, "The crypto economy is the next multi-trillion dollar opportunity in innovation."
As for Coinbase with its huge valuation that surpasses that of the exchange it is listed on, he said: "If people look at the size of the opportunity, the market capitalization of these companies seems a little more reasonable." Coinbase was valued at up to $ 100 billion in its public debut.
“We are in an inflated market, whatever happens, so all companies today are worth a pretty high price. When you look at the size of the cryptocurrency market, I think they are similar, ”Conway explained.
Coinbase is the new Google, says the "Godfather of Silicon Valley"
On Wednesday, Coinbase went public via a direct listing on the Nasdaq. Retail investors poured $ 57,35 million into the company on the day of the IPO, according to Vandatrack, which tracks retail investment activity in 9.000 individual stocks and ETFs in the United States. The data monitoring firm estimates that Coinbase's public debut was the fifth in terms of newly-listed stock retail purchases since 2017.
Given the huge number of companies piling up in the crypto space, including Square Inc. and Robinhood, Conway was asked what sets Coinbase apart and why it thinks Coinbase is the new Google and not Yahoo, for example.
“What really sets Coinbase apart is that it's a crypto-only company… for all these other companies, cryptography is an add-on. Coinbase is what we have called a crypto-first company, and this goal is what makes them a market leader, ”Conway described, adding:“ I absolutely believe that Coinbase is Google for the crypto economy and opens this huge opportunity to consumers ".
Conway also believes that Coinbase already has a "great brand" and a "great reputation" with consumers, adding that "They are the gateway to easy access to cryptocurrencies."
