The direct listing for Coinbase is a Netscape moment for the cryptocurrency economy, Michael Novogratz, founder and CEO of Galaxy Digital, said on CNBC's "Squawk Box" Wednesday. Institutions are going to come flooding into this space, he said.
"Squawk Box" co-anchor Andrew Ross Sorkin noted that Netscape quickly dissapeared and is not talked about anymore.
Sorkin asked Novogratz if he thinks Coinbase will be around a decade from now.
"Time will tell," the Galaxy Digital CEO responded.
Coinbase is a crypto ecosystem company rather than a fintech company, and no one really understand how big the ecosystem's size is, Novogratz said.
"There is going to be a lot of demand from institutional equity market investors for a stock like Coinbase."
This is not all about Bitcoin BTC/USD, Novogratz said.
"It's about building a new financial markets infrastructure on blockchain ... that's what this whole revolution is about."
The space will see staggering growth, he said, adding: "we are just getting started."
Coinbase will go public on the Nasdaq via direct listing Wednesday. Shares of the company will trade under the ticker symbol "COIN." The reference price for Coinbase is set at $250 ahead of its debut.
BTC Price Action: Bitcoin was up 2.53% to $64,292.55 at last check Wednesday.
Image by WorldSpectrum from Pixabay.
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