Bitcoin is growing very quickly, especially in terms of awareness and adoption. The innovations springing up around the Bitcoin and blockchain ecosystem show signs of a technological revolution. Several factors are behind the growth and expansion seen within this emerging space. However an interesting aspect is the fact that Bitcoin millionaires are fuelling the ecosystem.
The Bitcoin ecosystem is not only about seeking what value one can extract from it. Despite the numerous opportunities that exist within the space, participants have made giving a significant habit in the industry. This exercise is playing a big role in how the Bitcoin ecosystem is developing.
We often hear about institutional investors and venture capitalists (VCs) in the Bitcoin and cryptocurrency ecosystem. This category of participants play huge roles in the development of the industry, especially in the areas of support for start-ups. It is almost as if the most trusted investors, and the most charitable individuals, now come in the form of Bitcoin millionaires.
If you are familiar with the Bitcoin ecosystem, you will agree that there is a large volume of acts of charity within the space. You would also notice that there is a relatively easy way for startups to find support in terms of funding, or various degrees of incubator programs. Majority of these acts can be traced back to either the investment habit of Bitcoin billionaires, or simple acts of goodwill by this same category of people. Here are a few examples of how Bitcoin millionaires are fuelling the ecosystem.
The Winklevoss Picture Challenge
In July 2019, the co-founders of Gemini Cameron and Tyler Winklevoss started a challenge on Twitter with the hashtag #BitcoinBillionaires. It was a challenge with a prize of 1BTC for the eventual winner. The condition for the challenge was to share a picture of their copy of the book Bitcoin Billionaires, written by Ben Mezrich, in an exciting location.
This challenge resulted in a lot of people sharing their photos of the book, taken in “a cool place” as requested. Many people saw this simply as a game, or an act of charity by the Winklevoss twins, but the effect of this exercise goes beyond that. You can only imagine how many people this exercise may have introduced to Bitcoin. For a lot of people who may have known about Bitcoin and cryptocurrency on the periphery, this was an opportunity to study and learn more about the technology. If this is not one of the ways that Bitcoin millionaires are fuelling the ecosystem, then I wonder what else is.
Metal Pay Investment Fund
Successful projects are usually a blend of good ideas and proper funding. This is why the leaders of Metal Pay, Marshall Hayner and Erik Finman, have launched an investment fund called Metal VC.
This is a $1 million fund that focuses on startups in the area of banking and decentralized finance. The main aim of this fund is to allow Metal Pay to align with partners as it expands globally. According to the CEO of Metal, Marshall Hayner, the startup will invest in projects that they like and believe in, viewing each investment as a partnership. This is another clear example of how Bitcoin millionaires are fuelling the ecosystem.
The Binance Revolution
Changpeng Zhao, popularly known as “CZ”, is one of the most popular characters in the Bitcoin and cryptocurrency ecosystem today. CZ is the founder of leading cryptocurrency exchange, Binance. In a matter of months, Binance started from zero and rose to become the biggest cryptocurrency exchange in terms of volume.
The story of CZ is unique, as he had nothing at the time of starting Binance. He even had to sell his home to move on with the project. Today, the incubator program that the exchange runs and other services are key towards the growth of Bitcoin and cryptocurrency. There are many projects today that can link their success with services that are related to Binance, both in terms of partnership and charity.
The Bitcoin and cryptocurrency ecosystem is developing really quickly, and the indices for this growth can be tracked through service platforms like Vertex.Market. It is an OTC platform where you can buy Bitcoin and other cryptocurrencies simply by using bank transfers. Apart from Vertex and other established platforms, several new units are springing up with services that will be suitable for participants.
As mentioned earlier in this post, in order for a project to succeed, the idea behind it must be met with adequate resources for proper prosecution. The flexibility of funding and other kinds of support that is afforded by the Bitcoin and cryptocurrency ecosystem makes it easy to achieve partnerships of different levels. Whether in the form of investment, service provision or other kinds of support, it is evident that Bitcoin millionaires are fuelling the ecosystem to a very large extent.