By Hannah Perez
Benchmark general partner and early Uber investor Bill Gurley confessed that he’s betting
because its community spirit has seduced him.
native venture capitalist Bill Gurley, known for his early investment in Uber, has
an Ethereum (ETH) enthusiast. In a recent interview with Bloomberg TV, the entrepreneur shared his insights and revealed that he has taken a “personal stance” on the cryptocurrency, suggesting that he is now an Ethereum
Gurley, who is a general partner at Benchmark
, a Silicon Valley venture capital firm, is best known for his initial USD $11 million investment in Uber in 2011, which has reached a market cap of more than USD $76.5 billion since then.
During the interview, the tech investor commented that the pragmatism and open-minded attitude towards change of the Ethereum
community was what convinced him to start tracking the project and include the second largest cryptocurrency to his personal portfolio.
I have to say I was swayed by the arguments of the Ethereum crowd and took a personal position, not something on Benchmark.
Thanks @emilychangtv! Little long, but first part is important. THX to technology/Internet the flexible earning opportunities for individuals is set to explode (drivers, creators, et al). Mega lobbyist SEIU, wants everyone to have “shift jobs” invented long ago (& $420 from all!) https://t.co/YaBtFDYISR
– Bill Gurley (@bgurley) August 26, 2021
Ethereum community seduced him
Considered one of the leading technology traders, Gurley has also invested in companies like Shopping.com (acquired by eBay) and Vudu (Walmart). However, he himself acknowledged during the Bloomberg interview that, unlike his investment in Uber, he had come “a little late
” to the world of cryptocurrencies.
He noted that the asset represented an “incredible store of value,” especially for countries with unstable economies. He also revealed that Benchmark had a small position in the cryptocurrency, though he did not consider himself enthusiastic.
The investor, who has been sharing crypto-related posts on his Twitter feed for the past few months, recounted during the recent interview that he formally entered the crypto space in April when he spent “quite a bit of time listening and reading.” Now, he stresses that he has developed a keen interest in Ethereumand that the community of enthusiasts and programmers behind the project has seduced him:
I’m swayed by the Ethereum people. The parties involved seem to be much more pragmatic, seem to be open to change and are basically making several changes that I think will reduce fees and be very beneficial. The developer community is clearly in the Ethereum camp.
Gurley is betting on the switch to PoS
In this line of thinking, Gurley highlighted the transition to. Ethereum 2.0. This long-term upgrade will see the blockchain abandon a proof-of-work(PoW) mechanism to adopt a proof-of-stake (PoS) one.
One of the main goals of the ambitious upgrade plan is to improve performance and reduce the network’s energy consumption, an issue that has been at the center of recent discussions in the crypto community. The venture capitalist shared in this regard his view that the switch to PoS may even give him an edge over Bitcoinand that it Ethereum could be, in this scenario, the best bet.
“I think there’s an ESG [environmental, social and corporate governance] benefit once they move to proof of stake versus Bitcoin . Itseems to me that’s the smartest way to play if you’re going to have an exposure to crypto,” he opined.
Gurley further took the opportunity to emphasize that he does not consider himself a crypto “maximalist” and is not arguing that people should “necessarily” invest or have exposure to digital currencies.
Version by Hannah Estefania Perez / DiarioBitcoin
Image by Unsplash