La financiarisation du Bitcoin avec l’investissement en capital-risque

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In this week’s episode of “Bitcoin Bottom Line,” hosts C.J. Wilson and Josh Olszewicz are joined by Alyse Killeen, founder and managing partner of Stillmark.

Wilson begins by asking, “Having some focus or a lot of focus on Bitcoin makes your experience as a venture capitalist totally fascinating to me. Where does it all start?”

Killeen responds, “I started in venture capital about a decade ago and always focused primarily on infrastructure technologies. As I was doing that, I discovered Bitcoin and specifically recognized an opportunity for a financial technology that well served poor people and the world’s very large unbanked and underbanked population. To me, that was so compelling.”

Déplaçant la conversation vers Stillmark, Olszewicz déclare : « Vous vous êtes vraiment concentré récemment, du moins sur la base de votre liste de portefeuille, sur Lightning. Était-ce une décision prise au début du développement, et au-delà de Lightning maintenant, que voyez-vous dans le futur ? »

In response, Killeen delves into structure, “We’re investing in two buckets, and the first bucket is the financialization of bitcoin, the asset … Bucket number two is companies that are doing these “moonshot projects” built on Lightning … Where the market has been, and thus where our focus has been is in infrastructure-related companies, so sometimes this can feel a little less personal or a little less flashy or relatable. However, the pieces of infrastructure that are really going to affect the day-to-day experiences of people using Lightning are being built now.”

She goes on to say, “Instead of being a bitcoin fund, we are actually a generalist fund, within the Bitcoin space, so we are doing top to bottom — all of it that is happening in Bitcoin right now.”

Wilson asks, “How would you say that confidence in the founders changes from traditional VC to bitcoin ventures?”

Killeen répond : « C'était l'opportunité pour Stillmark. Il ne s’agissait pas d’adhérer à la mentalité de la vieille école en matière de capital-risque, mais d’appliquer les outils et le cadre des entreprises traditionnelles qui fonctionnent vraiment incroyablement bien pour soutenir les fondateurs et d’appliquer cela à un nouveau paradigme.

Continuing on the venture capitalist line, Killeen explains, “We think about venture capital as just being resources to help founders accelerate where they are going. So we are normally backing folks that are going to get there anyway, and then hopefully with us, through capital and sometimes with network introductions and support from prior lessons learned from working with hundreds of companies, founders can build quicker. Now, from a Bitcoin perspective, there is one other nuance … If we do good work, I hope that that means that adoption is catalyzed, and also the utility set that is offered in Bitcoin expands. So my hope is if we do good work, the fundamental value of bitcoin can be increased.”

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