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I Am A Bitcoin Bull. And That’s Not Changing

12 Oct 2014

Brett is the co-founder of Falcon Global Capital, LLC. Due to his involvement in Bitcoin, Brett has appeared on Fox News, CNBC, The Financial Times and was listed by Business Insider in the top 10 names to know in Bitcoin.

Bear V BullI had lunch with a good friend of mine over the weekend. He is a well respected entrepreneur and has been an informal mentor to me over the past couple of years. He was actually the first person I ever told about my idea of building a Bitcoin investment fund and I often go to him for advice on management, growth, and the general stresses of entrepreneurship. He made his fortune from real estate and private lending and has never been involved in the technology side or high stakes world of venture capital. I have always felt it’s important to surround yourself with a mix of mentors and he definitely fits into the category of ‘traditional’.

Half way through the lunch, he finally asked me: “Brett why are you still doing this bitcoin thing? The price has dropped from $1100 to $300 and it’s quite obvious it’s in a major decline.”

I was shocked. I thought this guy was smart, what was he talking about!? Then I realized this is exactly where the problem is with Bitcoin. People are too caught up in only looking at the price and the daily value. This guy is smart but like many others he was just looking at the value of Bitcoin because thats all many of us focus on. Since we are a long only bitcoin investment fund, our entire business essentially depends on the value of Bitcoin but it doesn’t depend on the price today, next week or even next month. When we talk to investors who are considering investing in Bitcoin, we tell them this is a long term investment and will likely be binary. It’s going to be a roller coaster full of ups and downs over the upcoming years but eventually, we feel that the price will be much, much higher than it is today.

So, what am I looking at that my friend and so many others are missing? I am looking at the infrastructure being built around the Bitcoin ecosystem. I am looking at the 90,000 merchants accepting Bitcoin, the major brands like Expedia, Dish Network, and Dell computers.

I am looking at the $317 million invested into startups from the worlds leading VC firms and I am hearing the conversations on Wall Street of firms beginning their initial research into digital currencies.

I am looking at this because this is what really matters with Bitcoin. Bitcoin will never be what we all hope it will become if we continue to focus on the price alone. If you want to build a skyscraper, you need a solid foundation and that is exactly what is being built right now: the foundation to change the worlds financial system. It’s not going to be an easy and immediate task and there are sure to be ups and downs along the way. The price drop that happened last week will surely happen again, many times in the upcoming years.

The only way that will ever scare me is if I don’t see the infrastructure being built at such a rapid pace and I don’t see that happening anytime soon. The ecosystem is picking up momentum and now that it’s moving, I feel there is truly no way to stop it. There will be times when it slows down but at the end of the day, it will continue to move forward.

Now this infrastructure is being built by the entrepreneurs who are driving the industry. The Huffington post has a great quote on the Bitcoin ecosystem that I often use: “When you diminish or scoff at Bitcoin, you are essentially deriding hundreds of thousands of young, tech-savvy, hungry individuals, not a great group to bet against”.

I feel if you look at the facts of what is going on in Bitcoin besides the price, it will become quite clear why along with so many others, I remain bullish on Bitcoin. If you look at these facts, it becomes quite clear that simply “not a great group to bet against”, is a complete understatement.

Want to see more? Visit us at www.FalconGlobalCapital.com and subscribe for more posts like this!


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