When we first looked at Bitcoin in 2012, we determined that the most important Bitcoin investment at that time was in bitcoin the asset itself. Blindly investing in every Bitcoin company strikes me as the marketing /PR tail wagging the economic dog. Our goal as investors is to earn meaningful returns, not participation medals. Why have you been hesitant or conservative with your backing of bitcoin companies? ![]() ![]() More broadly Winklevoss Capital has been conservative about its investments in bitcoin companies. As a result, we think there is a strong likelihood that our syndicate activity will reflect this.Ĥ. It’s always hard to predict, but as I mentioned above, it is our belief that Bitcoin will be the most significant space in the future with regard to technology investments. The number five is just a placeholder, there’s a good chance we will be running more than five syndicates per year. Of the five deals per year, how many do you expect to be in the bitcoin ecosystem? We believe that a significant portion of the next decade’s venture capital returns will come from bitcoin and Bitcoin-related companies.ģ. Historically, a very small number of startups account for the majority of venture capital returns over a given period of time (e.g., Microsoft, Google, Facebook, Uber, etc.). They will fundamentally change the way we transfer value, rethink the possibilities of trade, re-organize power and structure, and rewire the neurological pathways of the Internet forever. Our long-term thesis has been and continues to be that Bitcoin and blockchain technology are going to prove to be two of the most significant and pervasive technologies the world has ever seen. Do you plan to consider bitcoin companies? If so, what fields of interest might you be reviewing?Ībsolutely. The AngelList syndicate will focus broadly on tech deals. *disclosure: Winklevoss Capital is an investor in AngelList.Ģ. It is important to note that “backing” does not obligate an investor to invest in the deals we syndicate. Investors who “back” our syndicate ahead of time will get priority. Not every company we invest in will be suitable for a syndicate nor will it always be possible for us to get an allocation to syndicate, but when it’s possible and appropriate, we plan to do so. ![]() We plan to give accredited investors access to the types of deals that make up our existing portfolio. We just launched the Winklevoss Capital syndicate on AngelList* and have already started to syndicate our first deal. What new information was revealed today as part of the announcement? Winklevoss Capital tweeted today to announce its AngelList syndicate. I’ve posted the interview in its entirety below. We covered some great topics in-depth, some of which include our long-term thesis on Bitcoin, bitcoin company investing and the crowd-funding venture capital model in general. Last week I gave an interview to CoinDesk about our recently launched Syndicate on AngelList.
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