Reid Hoffman, Chairman and Co-Founder of LinkedIn, is investing big in the Bitcoin industry.
As a full time partner at venture capital firm Greylock Partners, he helped steer $20 Million of Greylock funds to Xapo, a Bitcoin wallet and storage company.
In addition, Mr. Hoffman participated in a $21 million seed round investment in Blockstream along with investments venture capital firms headed up by Jerry Yang, founder of Yahoo and Google Chairman Eric Schmidt. The funds will be used by Blockstream to continue the development of its much-anticipated blockchain technology proposal, ‘sidechains’.
When asked by Entrepreneur what interests him about Bitcoin, such that he’d invest millions and millions of dollars he cited three main reasons:
1) “.. it’s an asset, like digital gold 2.0”
2) “.. it’s a currency in as much as currency is like the digital app that allows you to begin to transact and trade”, and;
3) “.. it’s also a platform where you can build financial and other products on top of it.”
When founders and leaders of leading internet companies like Google, LinkedIn and Yahoo invest BIG money into something, like Bitcoin, it would surely seem to make sense to pay attention.
Are you using Bitcoin to save money sending and receiving money? Is your favorite network marketing company accepting Bitcoin and paying commissions in Bitcoin?
If not, why not?
What does Mr. Hoffman, Mr. Yang and Mr. Schmidt know that you don’t know. Might be time to sit and ask a few questions, maybe?