Veteran US Investor: Cryptocurrency-Economy is the Next Multi-Trillion-Dollar Opportunity

18 April 2021 | Updated: 18 April 2021

Big-shot investor Ron Conway in an interview with CNBC on Wednesday discussed his very optimistic view of the cryptocurrency industry and its future. Conway, also known as a Silicon Valley “super angel,” has compared Coinbase to Google, in which he is an early investor.

The American venture capitalist, regarded as the Godfather of Silicon Valley, has reportedly participated in more seed funding rounds for many tech startups than anyone else. Conway was an early investor in big tech names like Google, Facebook, Twitter, Reddit, Airbnb, Square, Pinterest, among many others.

The veteran investor spoke highly of the crypto market, noting that:

“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 also affirmed that the crypto-economy could become the next multi-trillion-dollar innovation opportunity.

Ron Conway on Coinbase
When quizzed about Coinbase, which IPOed last week and has a larger valuation than the company it is trading on, Conway stated that:

“If people look at the size of the opportunity, then the market cap of these companies looks a little more reasonable.”

Coinbase shot up to a whopping $100 billion in valuation immediately after its public debut.

Ron Conway.

The super angel added that:

“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.”

Coinbase (NASDAQ: COIN), a US-based cryptocurrency exchange operator, went public via a direct listing on Nasdaq on April 14. According to Vandatrick, a data analytics company that monitors retail activities in over 9,000 individual stocks and ETFs in the US, retail investors poured more than $57 million into Coinbase on its debut day. The analytics firm noted that Coinbase’s IPO was the fifth-largest based on retail buying for the past four years.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.