Having covered cryptocurrency-related topics for several years across various publications, this is the one sector where I’m never out of any ideas to discuss. Personally, that has worked out very lucratively because the internet audience can’t get enough of the subject. But I haven’t really been convinced to be acquisitive until now — I just bought me some Crypto.com Coin (CCC:CRO-USD).
Before I receive a torrent of criticism that I bought CRO at an incredibly high price, let me just state for the record that I fully expect the tokens to decline in value. If they do, I’ll be ready for a much larger acquisition. But just in case they don’t, I want to have a stake in Crypto.com Coin before it really goes bonkers.
Although a likely controversial opinion (at least among traditional equities analysts), I view CRO as fundamentally undervalued. The team behind the underlying digital asset trading platform has been making astute (albeit aggressive) business decisions, the kind that have been largely missing in the virtual currency space.
Too often, when you read a particular blockchain project’s white paper, it waxes poetic about decentralization and democratization, frictionless this, trustless that, all in the name of imparting social equity. Arguably, most blockchain initiatives are Bud Fox post-conscience-growth. In contrast, Crypto.com Coin is the brash and unashamed Gordon Gekko.
Frankly, I like that, not because I think unmitigated free-market capitalism is the solution for our ills but because greed — while it may not be good — works. Here are three other reasons why I’m now a big-time believer in Crypto.com Coin.
Sponsorship, Sponsorship, Sponsorship
I’ve hinted at this before but I’m a Formula 1 fan — and not because of the Netflix (NASDAQ:NFLX) docudrama. Rather, with new blood and a resurgent Red Bull team (helped in part by its sister team AlphaTauri), the 2021 season is exciting and coming down to the wire. That’s in sharp contrast to prior seasons, which were basically Lewis Hamilton-led parade laps.
Why is this important? Because Crypto.com Coin is a major sponsor of F1 races. That means that every race, an average of 87.4 million global viewers will see Crypto.com Coin over and over again. And because this season is so competitive and entertaining, we could see a dramatic spike in viewership stats.
In 2020, F1 saw a 99% increase in engagements across major social media platforms. This is the largest jump for any professional sports entity that year. Again, a superior product should bring out more viewers.
And I’d be remiss not to mention Crypto.com buying the naming rights to the Staples Center. I’m not a basketball fan but being associated with the Los Angeles Lakers is a massive deal.
Crypto.com Coin Has Branding Advantage
On a related note, these sponsorships while aggressive — the Staples Center deal is worth $700 million while the F1 contract is reportedly worth $100 million — underpin the trading platform’s ultimate goal: become the go-to solution for all your decentralized needs.
Indeed, once people start asking questions about Crypto.com Coin — and that’s pretty much an inevitability given the sponsorship coverage — they’ll encounter what could be the most robust ecosystem in the virtual currency industry. From Crypto.com-emblazoned credit cards to non-fungible tokens to wallet services to “centralized” perks such as Netflix access, this organization is much more than a just a typical blockchain community.
No, Crypto.com has key partnerships with several mainstream institutions. It’s reaching out to people through platforms and services that they already use and love. Therefore, Crypto.com Coin commands a pivotal branding advantage. This isn’t about forcing the crypto narrative onto unsuspecting folks. Rather, it’s about organically evangelizing the benefits of blockchain-integrated infrastructures.
Plus, Matt Damon endorses Crypto.com Coin. Who doesn’t love Matt Damon?
Room for Exponential Growth
According to a report from CNBC, “Crypto.com has seen substantial growth in a relatively short period. The platform launched in 2016 and surpassed 1 million users in September 2019. It now boasts more than 10 million users.”
If the history of digital assets is any guide, Crypto.com Coin has many years of explosive growth in the tank. In my opinion — and this is just my opinion, I could be wrong — we’re just getting started.
First, when 2022 rolls around, this crypto ecosystem will benefit from prime broadcasting across famous sports entities in North America, Europe and Asia. Just like we talk about Bitcoin (CCC:BTC-USD) as a household name, we could be saying the same about Crypto.com Coin.
Second, virtual currencies inherently cater to young investors. More than likely, the BTC narrative has matured to the point where you won’t see 10x gains within a quarter. But it’s not impossible to see absolutely ridiculous gains for CRO tokens.
The advantage to Crypto.com Coin is psychological. Currently priced under a buck, young people can feel good about accumulating it, as opposed to buying fractional units of Bitcoin.
Better yet, Bitcoin was a peer-to-peer transactional experiment. Crypto.com is an economic community with mainstream backing. I’m not sure it gets any better than that for the blockchain.
On the date of publication, Josh Enomoto held a LONG position in CRO and BTC. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare.