Coinbase co-founder on the potential for cryptocurrency to grow

Coinbase co-founder on the potential for cryptocurrency to grow

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00:00
uh today has been a huge culmination for i think the crypto community and what everybody's been building towards for over 10 years um i think coinbase is the most publicly visible thing that's in the ecosystem today and then i think what people will begin to wake up to uh perhaps starting with this direct listing is how big the crypto ecosystem is and how much it is likely to grow over the coming decade how big is it and and how much is it likely to grow because i remember brian
00:33
armstrong your early partner saying it could be worth a trillion dollars well now it's it's a two trillion dollar market and growing right it's one of these things where uh when we talked about it early it seemed insane uh to give perspective when we founded coinbase in 2012 one bitcoin was worth six dollars all bitcoin was worth about 50 million dollars in total and bitcoin was the only thing that existed in cryptocurrency fast forward 10 years to 2021
01:05
as you said crypto assets are cumulatively worth over 2 trillion dollars there are many of them it's not just bitcoin and not only are we looking at the potential future of money but also of the financial system and a new internet application platform with that in mind i was wondering what you thought over the next let's say decade maybe five years to a decade do you think the share price of your company will be tightly correlated to the performance of the underlying assets bitcoin
01:35
in particular or or might they be even negatively correlated well i think what we've seen in crypto over the last five years is uh there is more of a diaspora there's just a lot more going on so i think if coinbase does its job and executes well it will continue on its mission to make crypto easy to use and there will just be a whole lot more uh to use in crypto when we started the company it was just investing the idea of bitcoin is digital gold and if you look at the ecosystem today
02:06
it goes way beyond that people are doing trading and lending directly on the blockchain for example and of course there's the nft phenomenon that's revolutionizing modern media so i think it will be less correlated to any singular crypto asset of course it will be correlated to the success of crypto overall um and that's something that i would be very happy to have exposure to that's sort of what i was wondering which is where coinbase goes from here we we've seen the trading
02:38
story and and the juicy margins and the profitability and uh the the money you make on trading but you've said that beyond that it's an on-ramp to crypto what exactly does that mean where does this business go well so it's sort of inherently hard to predict what the future of crypto looks like much like the internet was hard to predict when it went mainstream as crypto is now uh in the late 90s i think the high-level way to think about it is as crypto grows there's going to be a
03:10
whole lot more that happens in the crypto universe and that's hard to see today but in 10 years i think it will be very big and if coinbase does its job right that means it's not just the easiest way to one click buy some crypto from your bank account it's also the easiest way to use all these crypto native financial services and future internet applications shepard smith here thanks for watching cnbc
03:39
on youtube

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