Bill Gurley, a general partner at Benchmark, a Silicon Valley venture capital firm in San Francisco, California, shared his view on cryptocurrency in an interview with Bloomberg last week.
He began by admitting that he is late getting into crypto because he was focusing on direct listings and did not spend much time on the subject until April this year when he dedicated quite a bit of time to reading about cryptocurrencies. Gurley shared:
I have to say I was swayed by the arguments of the ethereum crowd. And so, I’ve taken a personal position.
Without specifying how much he invested in ETH, the venture capitalist emphasized that the investment was personal and not for his firm.
“I’m swayed by the ethereum crowd,” he reiterated. “The party that’s involved seems to be way more pragmatic. They seem to be open to changes and are basically making several changes which I think will bring down fees and will be very beneficial. The developer community is clearly in the ethereum camp.”
The venture capitalist opined:
I think there’s a ESG [Environmental, Social, and Governance] benefit once they move to proof-of-stake versus bitcoin. It seems to me to be the smarter way to play if you’re going to have crypto exposure.
Gurley clarified that he’s not a maximalist and he’s not arguing that everyone must have crypto exposure.
He also commented on the trading platform Robinhood which recently said that more than half of its revenue came from cryptocurrency and 62% of its crypto revenue came from dogecoin (DOGE). The venture capitalist said this is not a sound business model, adding that he sees Robinhood as more of a casino than an investment platform.
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