The CEO of the website Relationship Hero and an early investor in Bitcoin and Coinbase, Liron Shapira stated that his introduction to the cryptosphere was a mixture of luck, opportunity, and his investment thesis.
In the latest episode of the Pomp Podcast, Shapira noted that he was “obsessed” with Bitcoin in 2011, naming it a “sleeper hit.”
Shapira shared,
“I think both YCombinator and Bitcoin were really sleeper hits back in 2011. So where did I get the thesis?…I’m always looking for the 10% probability and back in 2011, Bitcoin, there was like a 90% chance that it was just gonna like fizzle out, right? But I just noticed like ok, well, on the 10% chance that it doesn’t fizzle out, couldn’t it just go 10x or 100x or 1000x?”
Pompliano brought up Shapira’s tweet from 2011, probably one of the earliest bullish sentiments toward bitcoin.
“My investment thesis: Buy into a 10% probability of a 100x return. Examples: (1) BitCoin (2) Milner & Conway’s ‘Start Fund’,” Shapira tweeted on June 12, 2011.
Coinbase moves to an IPO Shapira revealed that it was just down to luck for he wasn’t planning on investing in the exchange particularly. “Randomly in 2012,” when he was at the height of his “Bitcoin obsession,” Shapira invested a part of his disposable income through a company named Founders Club.
“So just by coincidence, I ended up putting a check into the first Founders Club fund where they had a few options of companies to pick. And I was like ‘oh yeah, Coinbase. I like Bitcoin’,” Shapira explained, continuing, “So a lot of luck in Silicon Valley, being in the right place at the right time, happen to like Bitcoin.”
Right after that, Shapira “forgot” about it for years, “and now they’re like the next potential IPO.”
He added that,
“My thesis there was just like, look, I think Bitcoin is a big deal, and I think that Coinbase is doing a really good job, and just being like the best Bitcoin company.”
Coinbase recently announced its plans to be a public company, with experts advising that the platform can be valued at around $28B as a result. It is certainly an early fortunate investment.
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