Chamat Palihapitiya “completely skipped” investing in Coinbase because he did not understand the value of owning bitcoin and the companies based on it.
AT series of tweets, billionaire investor and chairman of Virgin Galactic said he preferred to buy bitcoin over part of a cryptocurrency exchange.
“My logic was that bitcoin itself had the best bulge,” said the CEO of Social Capital. However, he was “really lucky” because he had invested years earlier as a limited partner with an investor who owns most of Coinbase, he added.
In his tweets, Palihapitiya recommended owning both bitcoin and companies based on it. “Back then, the right decision was to invest IN NO EVENT or invest in BOTH,” he tweeted, stating that the second option would have been the best choice at the time.
“Congratulations and good luck,” continued Palihapitiya, addressing Coinbase co-founder and CEO Brian Armstrong and his team. “You built a monster …”
On April 14, Coinbase will be directly listed on the Nasdaq Index. Its initial estimate has yet to be confirmed, but the company said in March that its estimate was around $ 68 billion.
The crypto exchange updated the market with its preliminary first quarter results on Tuesday. The company’s total revenues were $ 1.8 billion and trading volume rose to about $ 335 billion, up from $ 89 billion in the previous quarter.
Coinbase has estimated net income of $ 730 million to $ 800 million, a sharp increase from the previous quarter. The company’s growth was partially reflected in the number of active users on the platform, which more than doubled in the last quarter to 6.1 million.
Coinbase also launched a cryptocurrency alliance on Tuesday with industry giants such as Fidelity, Paradigm and Square.