A year after presenting at the Value Investor's Congress (VIC), Winklevoss Capital releases its primer on Bitcoin and provides an updated view on the Bitcoin ecosystem.
Our goal was to educate these investors on the origins of Bitcoin, the powerful implications of the protocol (decentralized, open-source, peer-to-peer) and its investment use-case as a long-term store of value. On the day of our presentation the price of Bitcoin was $132.27. Yesterday at 4pm EDT the price was $432.26. I generally don’t like to talk about price too much (admittedly breaking my own rule here), and as I’ve stated in my Reddit AMA. Most days I don’t check it at all, but in the context of this presentation and using the granularity of a year, I think it’s a reasonably worthy exercise. Rome wasn’t built in a day, and Bitcoin won’t be either, but I still feel very bullish about its long-term value both as a technology and an investment. Despite all the ups and downs of the past year, including the Silk Road bust (15 days after our presentation); a November price run above $1000 (which has since been called into question by the possible discovery of trading bots on Mt.Gox); the collapse of Mt.Gox in February 2014; pending regulation (most notably from the New York Department of Financial Services); and Paypal’s announcement yesterday to start integrating Bitcoin, the price is ~3-4x higher today.