The Bitcoin Cheat Code with Marty Bent & Grant Gilliam - WBD690
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 31 July 2023
⏱️ 103 minutes
🧾️ Download transcript
Summary
Marty Bent is a Venture Partner at Ten31, founder of the Bitcoin-focused media company TFTC.io, and Director of Cathedra Bitcoin, and Grant Gilliam is a co-founder and Managing Partner at Ten31. In this interview, we discuss investing in Bitcoin and Bitcoin-associated ventures, including the specifics of investing in Bitcoin mining.
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VC funds within the crypto space have developed a bad reputation over recent years. However, Ten31 is an investment fund with a major difference: it was formed by Bitcoiners dedicated to supporting Bitcoiners. Whilst obviously being business driven, it is also mission-driven in supporting companies that are building infrastructure and bringing utility to the Bitcoin network.
It is therefore a unique source of investment for entrepreneurs as both sides of the table share the same vision i.e. Bitcoin is a paradigm-shifting technology that will be the basis of future economic value. The Bitcoin focus is an explicit feature of the company: the fund is named after the date of Satoshi's whitepaper, whilst the logo is a hat tip to the proof of work diagram within it.
Since the fund's inception, Ten31 has directed more than $100 million in equity to companies building on Bitcoin and the Lightning Network. Grant Gilliam and Marty Bent set out their experience of investing in Bitcoin companies: the challenges, the benefit of valuing such companies in Bitcoin, and the importance of having Bitcoin on the balance sheet.
The discussion also focuses on the investment opportunities within the Bitcoin mining industry. Mining has a low barrier to entry, making it an attractive business for many. Further opportunities are developing through the convergence of the energy sector and the bitcoin mining industry, which is happening in real-time. Ten31 believe that those Bitcoin mining companies with the right calibre of people will accrue significant value.
This episode's sponsors:
Iris Energy - Bitcoin Mining. Done Sustainably Ledn - Financial services for Bitcoin hodlers Bitcasino - The Future of Gaming is here Ledger - State of the art Bitcoin hardware wallet Wasabi Wallet - Privacy by default Unchained - Secure your bitcoin with confidence
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Transcript
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| 0:00.0 | We'd think that Bitcoin is an imperative as we transition into digital age. |
| 0:06.3 | I mean, we just talked about CBDCs. |
| 0:08.8 | It's either that or Bitcoin succeeds. |
| 0:11.0 | We get digital slavery or digital freedom in the form of |
| 0:14.2 | Bitcoin. Hello there everyone, how are you? Did you have a good weekend? I am getting |
| 0:19.6 | ready for rail bets at the first game of the season tomorrow. If you're in or around near Bedford |
| 0:23.7 | I want to come and watch us play. It's 7.45 p.m. kickoff against MK Irish. Very, very excited. |
| 0:29.3 | Anyway, welcome to the What Bitcoin did podcast, which is brought to you by Iris Energy, |
| 0:34.6 | the largest NASDAQ listed Bitcoin miner using 100% renewable energy. |
| 0:38.8 | I'm your host Peter McCormack, and I got my buddies Marty Bent and Grant Gillian on the show. |
| 0:44.0 | Now, I've known Marley for quite some time. |
| 0:46.6 | I've got to know Grant a bit more recently. |
| 0:48.7 | He's a really great guy. |
| 0:50.0 | It was actually the first person I spoke to in detail about what I wanted to do with |
| 0:54.1 | Ralph Bedford. Sat in a bar in New York, we shared some ideas, he kept a souvenir |
| 0:58.2 | that you'll probably see one day. But he is also the co-founder of 1031. |
| 1:03.0 | If you see me in those 1031 hats, |
| 1:05.0 | he's the one to get some for me. |
| 1:07.0 | And also Marty is a partner there. |
| 1:08.0 | And so I wanted to get them both on the show. |
| 1:10.0 | I wanted to discuss the idea of investing in Bitcoin companies and |
| 1:14.1 | having a Bitcoin fund and see where they see the future of the space so obviously |
... |
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