Crypto economy is the next multi-trillion dollar opportunity

Ron Conway, founder of SV Angel

Noah berger | Bloomberg | Getty Images

On the day of Coinbase’s direct listing to go public, prominent tech investor Ron Conway called the crypto economy “the next multi-trillion dollar opportunity in innovation.”

Conway, an early investor in the cryptocurrency exchange company and tech success stories like Airbnb, Facebook and Google, said in an interview on CNBC’s “TechCheck” Wednesday that the sector is quickly growing but that it’s just getting started.

“I absolutely believe that Coinbase is the Google for the crypto economy and opens this huge opportunity to consumers,” Conway said. He said the crypto economy is growing rapidly but is still only “in its infancy.”

Conway said Coinbase stands out as a market leader because it focuses entirely on cryptocurrency, rather than tacking it onto other features of a business. He said Coinbase has created a strong brand that attracts new customers through its user-friendly design.

Coinbase also continues to branch out, he said, by “constantly adding new crypto services and new coins available to its service.”

Coinbase CEO Brian Armstrong said in an interview that aired earlier on CNBC that regulation is one of the biggest threats to the industry. Conway argued those who have focused on crypto’s potential use by criminals is overblown and doesn’t outweigh the positives of the technology.

Conway emphasized that America should aim to be the leader in the crypto economy, especially to fend off competition from China and create crypto jobs within the U.S.

“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,” he said.

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