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Brock Pierce: “2014 is the Year of Bitcoin”

Sunday 22nd, December 2013 / 11:03

Venture capitalist and bitcoin evangelist Brock Pierce has proclaimed that 2014 will be bitcoin’s biggest year yet.

“Bitcoin will be the biggest sector for venture investing in the world,” he told the audience at the Inside Bitcoins event in Las Vegas this month, adding: “2014 is the year of bitcoin.”

During the panel ‘Creating and Funding the Next 100 Great Bitcoin Companies’ he told the crowd:

“I tell anyone who doesn’t know anything about bitcoin: take an hour and read about this subject. It might just be the most important hour of your life.”

Pierce has invested in a number of bitcoin-related companies. Most recently, he was involved in the $550,000 round for Singapore-based payment processor GoCoin, where is now board chairman.

For anyone who feels left behind by the ‘bitcoin revolution’, Pierce says that there is still time to get in. “This is still the beginning. This is still early days,” he told CoinDesk.

Pierce was an early investor in bitcoin, and has subsequently mined a variety of cryptocurrencies. He recalled how he would begin mining coins as soon as he heard about a new virtual currency.

“I started mining in 2009. I’ve mined all sorts of cryptocurrencies,” he said.

However, as he is playing the long game, Pierce admits he’d rather fund investment ideas in fiat. That’s because he’s focused on obtaining as much bitcoin as he can, instead of giving it to startups.

“I don’t fund businesses out of my own bitcoin holdings. But I will, for example, take $25,000 and covert it into bitcoin if a business I want to invest in requests bitcoin.”

Pierce believes that California is shaping up to be a bitcoin hotspot. He thinks that venture capital funding in Silicon Valley, combined with the entrepreneurs in the Los Angeles area will make it a whirlwind of activity going forward.

“The Bay Area is the Bay Area – that’s where the money is. But I still believe that Los Angeles is the center of entrepreneurial activity. When you go there and drive around, it seems like everyone owns a business.”

Pierce is also helping to run the Chinese subsidiary of Robocoin. A bitcoin ATM company, Robocoin’s strategy has always been to produce bitcoin ATM hardware and software, then let local partners operate the machines in particular jurisdictions.

“I believe in what Robocoin is doing,” said Pierce.

So will we be hearing about Chinese bitcoin ATM machines in the near future?

Pierce believes that despite bitcoin’s issues as a method of payment in China, there might still be bitcoin ATMs located there soon. However, he added: “We have nothing to announce at this time.”

Sparkler image via Shutterstock

View Brock Pierce: “2014 is the Year of Bitcoin” on CoinDesk.

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