Eric Schiffer on Coinbase: ‘There Is So Much Tremendous Upside for This Company’

RUSH TRANSCRIPT PAYNE I ░░░░░░░░ going to take you ░░░░░░░░ a little trip down ░░░░░░░░ lane March 17th 2000 ░░░░░░░░ Amsterdam a company called ░░░░░░░░ Online went public The ░░░░░░░░ was 21 times over ░░░░░░░░ despite the fact there ░░░░░░░░ paltry revenues for the ░░░░░░░░ It opened at 43 ░░░░░░░░ which at the time ░░░░░░░░ it a market cap ░░░░░░░░ 12 billion euros I ░░░░░░░░ this was a massive ░░░░░░░░ a massive coming out ░░░░░░░░ and everyone was there ░░░░░░░░ wanted to celebrate what ░░░░░░░░ then Europe s largest ░░░░░░░░ IPO The founder Nina ░░░░░░░░ was there she brought ░░░░░░░░ Sara the duchess of ░░░░░░░░ Christopher Reeves was there ░░░░░░░░ Cocker was there And ░░░░░░░░ at some point during ░░░░░░░░ party one reporter just ░░░░░░░░ of said to Brink ░░░░░░░░ will you do with ░░░░░░░░ that stock And then ░░░░░░░░ told them all You ░░░░░░░░ I already sold it ░░░░░░░░ a fund pre IPO ░░░░░░░░ that news was not ░░░░░░░░ properly in the prospectus ░░░░░░░░ that fund by the ░░░░░░░░ was a seller on ░░░░░░░░ first day of trading ░░░░░░░░ think that was the ░░░░░░░░ prick of the Internet ░░░░░░░░ Remember the NASDAQ had ░░░░░░░░ more than 400 from ░░░░░░░░ to March 2000 right ░░░░░░░░ this IPO and I ░░░░░░░░ some major players saw ░░░░░░░░ writing on the wall ░░░░░░░░ they started the bell ░░░░░░░░ course the snowball quickly ░░░░░░░░ a boulder the NASDAQ ░░░░░░░░ go on to decline ░░░░░░░░ 78 by October of ░░░░░░░░ And I thought a ░░░░░░░░ about this story over ░░░░░░░░ weekend with the cryptocurrencies ░░░░░░░░ slammed as it was ░░░░░░░░ that Coinbase founder Brian ░░░░░░░░ sold 291 million of ░░░░░░░░ stock The CFO and ░░░░░░░░ product officer sold all ░░░░░░░░ stock that they had ░░░░░░░░ obviously have a lot ░░░░░░░░ options but you know ░░░░░░░░ can imagine the feeling ░░░░░░░░ buyers of World Online ░░░░░░░░ they heard at this ░░░░░░░░ that the founder had ░░░░░░░░ cashed out Many must ░░░░░░░░ felt like the word ░░░░░░░░ was flashing on their ░░░░░░░░ Flash forward 21 years ░░░░░░░░ this weekend a lot ░░░░░░░░ Coinbase buyers maybe they ░░░░░░░░ like suckers I mean ░░░░░░░░ knew the insiders would ░░░░░░░░ but I m not ░░░░░░░░ if people thought they ░░░░░░░░ sell that much So ░░░░░░░░ question is this a ░░░░░░░░ Online moment for crypto ░░░░░░░░ s ask Patriarch Organization ░░░░░░░░ Eric Schiffer You know ░░░░░░░░ obviously heading into the ░░░░░░░░ coin was talked up ░░░░░░░░ a proxy for crypto ░░░░░░░░ so and I do ░░░░░░░░ to point out there ░░░░░░░░ options still out there ░░░░░░░░ it was a large ░░░░░░░░ of the stock they ░░░░░░░░ they still have options ░░░░░░░░ millions and millions more ░░░░░░░░ But what do you ░░░░░░░░ of the way it ░░░░░░░░ down SCHIFFER Charles thanks ░░░░░░░░ having me by the ░░░░░░░░ It is interesting I ░░░░░░░░ in this situation it ░░░░░░░░ different than the concern ░░░░░░░░ you re rightly posing ░░░░░░░░ your audience because you ░░░░░░░░ to certainly protect people ░░░░░░░░ this situation there is ░░░░░░░░ much tremendous upside for ░░░░░░░░ company I mean they ░░░░░░░░ estimated to do earnings ░░░░░░░░ will be literally close ░░░░░░░░ 20 times what it ░░░░░░░░ today over the next ░░░░░░░░ three years So I ░░░░░░░░ that some of them ░░░░░░░░ to cash out to ░░░░░░░░ certain extent But you ░░░░░░░░ right they have options ░░░░░░░░ is significant growth ahead ░░░░░░░░ think this company is ░░░░░░░░ fairly valued given the ░░░░░░░░ growth of crypto and ░░░░░░░░ this is a mecca ░░░░░░░░ sits at the intersection ░░░░░░░░ Eric did you buy ░░░░░░░░ yet or will you ░░░░░░░░ I feel like I ░░░░░░░░ to buy it but ░░░░░░░░ 300 Then I think ░░░░░░░░ it gets under 300 ░░░░░░░░ ll say under 250 ░░░░░░░░ m spying it for ░░░░░░░░ reasons you just mentioned ░░░░░░░░ you bought any yet ░░░░░░░░ I tried to buy ░░░░░░░░ at 250 Charles just ░░░░░░░░ you I was thinking ░░░░░░░░ wanted to get in ░░░░░░░░ word s out right ░░░░░░░░ not so much I ░░░░░░░░ waiting for it to ░░░░░░░░ pull back a bit ░░░░░░░░ I m going to ░░░░░░░░ I like it I ░░░░░░░░ like crypto overall given ░░░░░░░░ though there is certainly ░░░░░░░░ as we know but ░░░░░░░░ is an opportunity to ░░░░░░░░ in and I think ░░░░░░░░ would be wise for ░░░░░░░░ that like the space ░░░░░░░░ this is I mean ░░░░░░░░ is the you know ░░░░░░░░ of it all in ░░░░░░░░ opinion PAYNE Right And ░░░░░░░░ in the meantime it ░░░░░░░░ you know so interesting ░░░░░░░░ the mainstream media has ░░░░░░░░ from expressing you know ░░░░░░░░ about this from being ░░░░░░░░ risk or a gamble ░░░░░░░░ extremely pessimistic to now ░░░░░░░░ being overwhelmingly positive They ░░░░░░░░ it an investment I ░░░░░░░░ a minute 1 2 ░░░░░░░░ will skip to dogecoin ░░░░░░░░ ask you about it ░░░░░░░░ is doge day 4 ░░░░░░░░ A lot of people ░░░░░░░░ the coin will hit ░░░░░░░░ just passing up xrp ░░░░░░░░ fourth most valuable crypto ░░░░░░░░ there Your thoughts on ░░░░░░░░ are you now a ░░░░░░░░ SCHIFFER You know here ░░░░░░░░ the thing with bitcoin ░░░░░░░░ even XRP there is ░░░░░░░░ utility component Dogecoin was ░░░░░░░░ as a joke in ░░░░░░░░ and that is not ░░░░░░░░ say as an investor ░░░░░░░░ can t make money ░░░░░░░░ think there is still ░░░░░░░░ money to be made ░░░░░░░░ are pay banking significant ░░░░░░░░ in the 7 000 ░░░░░░░░ you were early on ░░░░░░░░ the challenge it has ░░░░░░░░ much in the way ░░░░░░░░ risk So if you ░░░░░░░░ going to go in ░░░░░░░░ an investor prepare to ░░░░░░░░ it all watch it ░░░░░░░░ if you get good ░░░░░░░░ great It is like ░░░░░░░░ lottery ticket it is ░░░░░░░░ than a stock or ░░░░░░░░ any respect or other ░░░░░░░░ of crypto at least ░░░░░░░░ major cryptos because the ░░░░░░░░ is just not there ░░░░░░░░ is the madness of ░░░░░░░░ crowd and many are ░░░░░░░░ money from it PAYNE ░░░░░░░░ will tell you Mark ░░░░░░░░ tweeting that sales at ░░░░░░░░ mavs taking it for ░░░░░░░░ Their sales are up ░░░░░░░░ in the last month ░░░░░░░░ was April 13th On ░░░░░░░░ 16th they had a ░░░░░░░░ 24 hours in dogecoin ░░░░░░░░ There is a website ░░░░░░░░ S Betting com that ░░░░░░░░ there is a 17 ░░░░░░░░ that doge could hit ░░░░░░░░ dollar before the end ░░░░░░░░ the year There is ░░░░░░░░ risk or reward and ░░░░░░░░ are people up 1000 ░░░░░░░░ to make even more ░░░░░░░░ too long Appreciate it ░░░░░░░░