In 2013 I wrote to potential Coinbase Series A investors: "All the Bitcoins in the world today are worth about $300M—up 400% in the last year. With Coinbase at the forefront, I think this is one of the most disruptive opportunities I’ve ever seen." 🚀
blog.initialized.com/2020/12/spotti…
blog.initialized.com/2020/12/spotti…
This is what Coinbase's early product market fit looked like:
💰 Doing 15% of all transactions on the world's biggest Bitcoin exchange at the time, Mt Gox
♽ Hitting working capital constraints set by their bank daily
🏆 The only fiat-to-crypto onramp w/ a FDIC-insured US bank
💰 Doing 15% of all transactions on the world's biggest Bitcoin exchange at the time, Mt Gox
♽ Hitting working capital constraints set by their bank daily
🏆 The only fiat-to-crypto onramp w/ a FDIC-insured US bank
Things I got right: fiat to crypto onramp was the key moat, and software eating money is a big deal
Things I got wrong: I underestimated store of value— I was pretty sure medium of exchange was going to be why crypto would expand
Things I got wrong: I underestimated store of value— I was pretty sure medium of exchange was going to be why crypto would expand
True all along: Coinbase is a bank you don't protect with guns (though... these days, maybe a little bit) — founder market fit here was very strong. @brian_armstrong fought against fraud at Airbnb previously. He was the right person to bring this to the world.
Today Coinbase filed for IPO and Bitcoin market cap is $422 billion
The nature of exponential growth and product market fit are so extreme. All I want is to keep helping founders right at that inflection point, before they figure it out.
That's why I am working on @Initialized
The nature of exponential growth and product market fit are so extreme. All I want is to keep helping founders right at that inflection point, before they figure it out.
That's why I am working on @Initialized
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