What Venture Capitalists Got Wrong About Bitcoin
sam cassatt
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You are right that a lot of VC money is poured into exchanges / wallets. But some of the money has also been put into infrastructure projects like Blockstack, IPFS and Urbit, by smart investors like USV and a16z who take the long view.

VCs are still figuring out how to invest in the trend of decentralization, which is a larger opportunity than Bitcoin itself. In a multi-currency world, the evolution from “Bitcoin” to “blockchain” is understandable.

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