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Smart Money Said ‘Skip Bitcoin, Bet on Blockchain.’ Not Any More

As cryptocurrency prices tumbled across the board last year, venture capitalists focused their attention on the promise of the underlying technology, the ledger known as blockchain. That, many said, was the smarter bet. Now, the tables have turned. From a report: While Bitcoin’s price has rebounded this year, a fresh batch of data shows the flow of cash into blockchain startups dropped dramatically. So far, traditional venture capital investments in blockchain companies have totaled $784 million via 227 deals, according to CB Insights. At that pace, businesses focusing on that technology may only draw $1.6 billion this year, down roughly 60% from a record $4.1 billion in 2018, the research firm said. Money coming from corporations is on “an even sharper decline,” despite interest from companies such as Facebook in creating their own digital coins, CB Insights said. Maturing startups are drawing less support, while young startups are faring better, it said.


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