Billionaire Investor Reid Hoffman Is Betting Big on Bitcoin

Why Billionaire Investor Reid Hoffman Is Betting Big on Bitcoin

admin Bitcoin, Bitcoin News, Bitcoin Startups, Bitcoin Venture Capital, Funding 0 Comments

Reid Hoffman has an expert eye for promising tech startups. The LinkedIn chairman and co-founder’s early stakes in Facebook, Airbnb and Dropbox prove he’s able to see the next big thing before most of us even know what it is — and it’s paid off for him time and again. These days, the so-called “startup whisperer” is placing his bets on Bitcoin. As a full-time partner at venture capital firm Greylock Partners, he claims his primary focus is to invest in “world-class entrepreneurs with new categories of ideas with the possibility of massive scale.” One of those entrepreneurs is Wences Casares, co-founder of Xapo, an ambitious, Palo Alto, Calif.-based Bitcoin wallet and storage startup. With Hoffman leading the charge, Greylock invested $20 million in Xapo last year. “Bitcoin has the potential to be a massively disruptive technology,” Hoffman wrote in a post announcing the investment last July. “It is the leading digital currency and it’s growing fast.”   Then, in November — a month before Bloomberg declared Bitcoin the worst-performing currency of 2014 — he announced a hefty personal stake in Bitcoin that he brokered, a $21 million investment intoBlockstream. The Montreal-based startup aims to improve upon Bitcoin’s blockchain backbone, …