VC Firm Partner: “’Crypto’ Industry Will Be Purged by a Successful Bitcoin Industry”

On Sunday (27 November 2022), Marty Bent, who is the Founder of media company TFTC as well as a partner in Bitcoin-focused venture capital firm Ten31, said that “the ‘crypto’ industry will be purged by a successful bitcoin industry.”

Source: Ten31

Here is how Ten31, which was — according to Bitcoin Magazine — named after the birthday of the Bitcoin white paper (released by Satoshi Nakamoto on 31 October 2008), describes itself:

“Leading investment platform focused exclusively on investing in the Bitcoin ecosystem… Supporting emerging companies building on top of the Bitcoin network… Value-added partner with resources and network to support growth… Management fees directed toward Bitcoin core and Lightning developers“

Anyway, earlier today, Bent, took to Twitter to say:

“The ‘crypto’ industry will be purged by a successful bitcoin industry. This silver lining of this year has been a clear distinction between bitcoin and ‘crypto’. Now it’s time to double down and harden the tools that will bring the world a P2P digital cash system.

“A @BtcpayServer in every household and business… A @COLDCARD wallet in every stocking… A gaggle of @Whatsminer_MBT ’s next to every stranded gas well… A @SamouraiWallet , @bluewalletio or @MuunWallet on every phone… When the bitcoin P2P economy hits a certain threshold the opportunity cost of playing stupid games with shitcoins will be too high.“

On 22 November 2022, Michael Saylor, Co-Founder and Executive Chairman at business intelligence software company MicroStrategy Inc. (Nasdaq: MSTR), made comments that suggested he believes Bitcoin should be judged on its own and not considered as a synonym for crypto.

Saylor responded to an op-ed piece (by By Joshua Hendrickson, associate professor of economics at the University of Mississippi) published on 21 November 2022 on the NBC News website about how Bitcoin could be getting a bad reputation as a result of the shenanigans of bad actors in the crypto industry. That article stated:

“What this history reveals is that what is commonly known as crypto is clearly distinct from both the cypherpunk vision that motivated the creation of Bitcoin and from the developments in and around Bitcoin itself over the last decade. Whereas Bitcoin was created to be a censorship-resistant, trustless digital form of money, crypto has become a space dominated by get-rich-quick-schemes. Whatever this crypto industry is, most Bitcoin and Bitcoiners want no part of it.“

This promoted the former MicroStrategy CEO to send the following tweet to his 2.8 million followers:

#Bitcoin was a genuine technological innovation. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself…as a result…Bitcoin must be understood as something outside this crypto industry.https://t.co/qFWkdMYGuf

— Michael Saylor⚡️ (@saylor) November 22, 2022

On 11 November 2022, crypto analyst William Clemente III, Co-Founder of boutique digital asset research firm Reflexivity Research, explained why COLDCARD, which is made by Canadian firm Coinkite Inc., is his favorite Bitcoin hardware wallet.

Coinkite’s COLDCARD is not a crypto hardware wallet — it is a Bitcoin-only hardware wallet “made by cypherpunks”.

High security seems to be the main feature of COLDCARD, especially in its latest form, COLDCARD Mk4, which features dual secure elements (from two different vendors), verifiable source code (available on GitHub), and true air-gap (claims to be “only signing device (hardware wallet) with option to avoid ever being connected to a computer, for its full life cycle”).

Anyway, here is what Clemente told his over 669K Twitter followers:

Best Bitcoin self custody hardware wallet is Coldcard. Can backup private keys onto piece of steel and store in a safe place.

— Will Clemente (@WClementeIII) November 11, 2022

He went on to say:

“Not sure if there’s anything wrong with ledger or Trezor, just prefer Coldcard because it’s airgapped from your computer. Not saying everyone needs that level of security though… Multisig is also an option of course, was stating this for those who are just looking for a hardware device they can store.“

Image Credit

Featured Image via Pixabay

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