The power of the blockchain technology is no longer news. Many firms that want to keep up with the technological train are investing in blockchain technology. One of the lastest establishments to come on board the blockchain wagon is Union Square Ventures. Union Square ventures, a venture capital firm based in New York, has announced that it has invested in major cryptocurrencies like Bitcoin.
Union Square Ventures Believe That the Best Cryptocurrencies Will be Worth Trillions Long-term
Union Square Ventures was founded by a renowned venture capitalist, Fred Wilson whose early investments have supported companies like Coinbase, Twitter, Zynga, Tumblr, and Etsy. The company has become a popular one in the Blockchain and cryptocurrency industry.
Bitcoin (BTC) Price Today / USD
Over the years, Union Square has supported a lot of startups that have summed up to billions of dollars in value. Speaking to CNBC this week, a managing partner at the firm said that the company had invested a large portion of its capital in cryptocurrencies for the long haul. As time goes on, the company is going to keep investing in the industry according to Wenger.
Despite declaring support for cryptocurrencies, Wenger made it clear that the firm is not going to devote significant funds to separate cryptocurrency projects like some other firms do.
In his words:
“We do not intend to invest in an independent fund for the cryptocurrency industry. We believe it will be more beneficial to keep things under the same roof. The reason why investors are interested in the cryptocurrency industry is that they know that the winning blockchain is going to be worth trillions when the bubble bursts. Any project that has a high chance of failing will have high returns in the event that it succeeds.”
Wenger says he is holding Bitcoin in his portfolio but he doesn’t recommend that everyone should hold only one coin.
In his words:
“I don’t think holding only Bitcoin is a good idea. Currently, the cryptocurrency space is high risk, and it’s not a good idea to pour in your life savings.”