Dear First Stage Investor,
On November 1, our fearless Co-Founder Andy Gordon called out the mainstream media in regards to the cryptocurrency debate.
Like anything new and revolutionary, cryptocurrency has its believers and its skeptics.
Both are making a ruckus.
The mainstream press isn’t helping matters. As far as I can tell, it’s gamified the subject. The side – whether it’s pro or con – with the most quotes published wins.
What a load of rubbish! We all know that multiple opinions expressing the same point of view do not represent “proof,” no matter how passionately they’re expressed.
Two days later, I found an article on Bloomberg that only confirmed Andy’s statement: “Here Are the Big Names Who Are Backing and Slamming Bitcoin.”
It was littered with big names of the finance world… Roger Ver, Ronnie Moas, Jamie Dimon and Lloyd Blankfein (just to name a few).
There were hardline backers of bitcoin and cryptocurrencies like Ver (aka “Bitcoin Jesus”), who said, “The only way to stop (bitcoin) is to turn off the entire internet in the entire world and keep it turned off.”
There were also emphatic naysayers like Dimon, who continues to say that people who buy bitcoin are “stupid.” (Although I’d like to remind Dimon he did admit that underlying blockchain technology has major potential to disrupt financial markets.)
Some bigwigs even went so far as to classify their views on bitcoin and cryptocurrency as “on the fence.”
Take Blankfein, CEO of Goldman Sachs Group Inc. He isn’t sure what to make of bitcoin but is unwilling to reject the digital currency just yet.
“I know that once upon a time, a coin was worth $5 if it had $5 worth of gold in it,” Blankfein said in Bloomberg TV interview. “Now we have paper that is just backed by fiat… maybe in the new world, something gets backed by consensus.”
Here’s my take on the big names straddling the bitcoin fence: They shouldn’t! With a forum and gravitas as great as these guys have, they should show some conviction (not to mention backbone) and tell us how they really feel.
What that article told me was that I feel very good (and so should you) about the research and conviction both Adam and Andy bring to their evaluation of cryptocurrencies and related blockchain technology opportunities.
They’re early adopters in the space… They’ve done countless hours of research… And to their credit, they don’t hesitate to give their opinions on the rewards (and pitfalls) of investing in cryptocurrencies.
Bitcoin and other cryptocurrencies aren’t going away. The rewards of building, accessing or investing in the best of them will be enormous.
It’s early, but not too early… so continue to stay tuned for updates from both Adam and Andy.
Good investing,
Cory Templeman
Managing Editor, First Stage Investor
P.S. We will not be broadcasting a First Stage Investor weekly update next Thursday, as Adam and Andy will be out of town celebrating Thanksgiving with their families. However, we’ll be sending you an important announcement next Friday, so keep your eyes on your inbox. Happy early Thanksgiving from everyone at First Stage Investor!