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Coinbase Investor Ron Conway Calls Crypto Economy ‘Next Multitrillion-Dollar Opportunity in Innovation’

UTC by Ibukun Ogundare · 3 min read
Coinbase Investor Ron Conway Calls Crypto Economy ‘Next Multitrillion-Dollar Opportunity in Innovation’
Photo: FORTUNE Global Forum / Flickr

Ron Conway said that America should focus on the crypto economy and create more jobs in the country.

Prominent tech investor Ron Conway referred to the crypto economy as “the next multitrillion-dollar opportunity in innovation.” Conway is an early investor in crypto exchange Coinbase Global Inc (NASDAQ: COIN) and high-profiled tech companies like Google LLC (NASDAQ: GOOG), Facebook Inc (NASDAQ: FB), and Airbnb Inc (NASDAQ: ABNB).

Conway on Crypto Economy

Conway aired his belief on the gradual expansion in the crypto economy in a recent interview with CNBC’s TechCheck. According to Conway, the crypto space is expanding and is poised to further growth. Specifically, he said that the crypto economy is “in its infancy”. Conway said further:

“I absolutely believe that Coinbase is the Google for the crypto economy and opens this huge opportunity to consumers.”

The interview coincides with the day of Coinbase’s public debut on Nasdaq on the 14th of April.

The investor acknowledged Coinbase as a market leader because the company only offers crypto services. Conway believes that Coinbase focusing on cryptocurrency and not venturing into other businesses positions the company as a leader in the crypto market. Speaking further, Conway added that Coinbase had gained more customers with its user-friendly design. Furthermore, he said that Coinbase is continually evolving by “constantly adding new crypto services and new coins available to its service.”

Also, Conway said that America should focus on the crypto economy and create more jobs in the country. He added:

“There’s going to be millions of jobs created from this trillion-dollar industry and we want those jobs to be in the United States.”

Coinbase CEO Brian Armstrong had earlier noted that regulation is one of the biggest risks to the cryptocurrency industry. Coinbase said that the illegal use of crypto for criminal activities is exaggerated and does not exceed the advantages of the technology.

Mike Novogratz Says Crypto Wealth Represents One-Half of Global Wealth

Same as Conway, ex-hedge fund manager and billionaire Bitcoin bull Mike Novogratz believes that the cryptocurrency industry is still in its early days. He added that the market would continue to expand. While speaking to CNBC’s Squawk Box on the 14th of April, Novogratz said:

“Right now, total crypto wealth is roughly $2 trillion, so that’s one half of 1% of all wealth. If you think in the next two to three years that can be 2% to 3%, you’re not paying attention to the trends.”

Notably, Credit Suisse estimated global wealth to be around $400 trillion. The whole crypto market, on the other hand, is valued at more than $2 trillion. The market cap of the crypto market is majorly fueled by the leading cryptocurrency by market cap Bitcoin. The price of Bitcoin reached a new high of $63,700 on the 13th of April. At the time of writing, Bitcoin is down 2.75% to $62,875.41. The following day, Bitcoin climbed an all-time high of $64,841, according to Coin Metrics data.

Novogratz stated that the amount of growth seen in the crypto space “is staggering” and is “just getting started.”

Cryptocurrency news, Market News, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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