The Bitcoin Cheat Code with Marty Bent & Grant Gilliam
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The Bitcoin Cheat Code with Marty Bent & Grant Gilliam - WBD690
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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.
00:01:29: Introductions
00:02:06: Bitcoin children
00:06:57: The napkin story and Real Bedford
00:15:58: Bitcoin cheat code, and rewriting the rules
00:26:53: Bitcoin companies collaborating
00:31:40: Ten31, and investing the right way
00:47:37: Freedom tech, Nostr, and AI
00:53:05: AI and the Lightning Network
01:02:30: The ethics of AI
01:11:29: Investing in Bitcoin innovators
01:20:50: From TradFi to Bitcoin, and BlackRock
01:28:23: Investing to outperform Bitcoin, and investing in mining
01:41:27: Final comments
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Connect with Marty:
On Twitter
On TFTC.io
His Daily Newsletter
Connect with Grant:
On Nostr
Connect With Ten31:
On Ten31.vc
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