Atreides Management’s Gavin Baker has picked cryptocurrency exchange Coinbase Global at the Sohn conference, believing in its growth opportunities as more people embrace the crypto world.
What’s he most excited about? Coinbase creating Coinbase Cloud, the Amazon Web Services of crypto.
“Cloud is the infrastructure and tooling layer for web 3.0 application development on different blockchains and these applications are going to be very disruptive to the world of technology over the next 20 to 30 years,” Baker says from Boston where his private investment fund is based.
He expects significantly more disruption driven by the crypto world than in the past 10 years, which relied on a “stable” technology environment dominated by AI cloud and SaaS. He believes Coinbase will fuel the coming explosive disruption.
Another attractive feature in Coinbase is its potential ability to simplify “blockchain rewards via staking”, a sector that is worth $300 million and growing more than 200 per cent sequentially.
Baker believes bitcoin will eventually be the only coin using a proof-of-stake protocol. He says the process is easy for a “20 to 25-year-old cryptocurrency native”, but it is very hard for the hundreds of millions of people he believes will eventually participate in the crypto ecosystem.
Baker says Coinbase can make the process easy by splitting the rewards with the user and he expects this revenue stream to grow significantly next year.
A lack of competition in the United States, where big tech companies such as Amazon, Google or Facebook, and financial services businesses, fear regulation, should also give a hand to Coinbase, Baker says.
Coinbase made its trading debut in April this year at $US381 a share.
This article was originally posted by The AFR here.
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