In episode 2 of More Than Money, host Patrick Thompson is joined by Unbounded Capital partner Dave Mullen-Muhr to discuss the trending digital currency memes, Bitcoin SV market price, Unbounded Capital’s decision to support BSV after a lengthy relationship with BCH, lack of interest of investors and traders in BSV, and more.
Mullen-Muhr shared that Unbounded Capital was interested in big block Bitcoin and was “against” BSV after the BCH split. However, Mullen-Muhr’s stance on BSV changed when he attended the BSV Meetup in San Francisco organized by Money Button founder Ryan Charles and Joshua Henslee.
“When I left that meetup, it felt that we shouldn’t pass on this BSV as quickly as we thought. And this requires some work, some more due diligence, and then we kind of jump down the rabbit hole fully,” Mullen-Muhr said.
Thompson expressed that BSV is not a popular trade because it’s not a meme unlike other digital currencies. But why investors and traders overlook BSV? Thompson wondered. Mullen-Muhr pointed out that many investors like the concept of the Internet with Bitcoin, but the negative PR of BSV mars their interest. He stated that several investors acknowledge the progress BSV has made in recent years, such as processing 100,000 transactions per second. Still, conflicting reporting of BSV affects their curiosity and understanding. At the same time, Mullen-Muhr continued, investors see what BSV has empirically demonstrated like block size records one after the other—currently, BSV is the largest public blockchain by daily transaction volume in the world.
Thompson later asked Mullen-Muhr the type of investors in the digital currency world that Unbounded Capital comes across: those who like to reinvest their gains they just made or those interested in emerging markets? Mullen-Muhr stated that both categories prevail in the United States—people in Silicon Valley are interested in the ongoing Bitcoin pitch for 10 years. Still, many investors are interested in internet companies and businesses building micropayments because they are deemed profitable. “…by and large, [they] are not looking at the BSV space currently,” Mullen-Muhr added.
The duo then discussed how Unbounded Capital interacts with other venture capital firms about BSV. In Mullen-Muhr’s words, he introduces himself to others working for a technology startup that invests in “internet, internet companies, and in building technologies for online payments.” Mullen-Muhr cited that the internet has been in the public data since its invention and that the world needs a micropayment digital cash system.
“If you look at HTTP version 1.1 in the late 90s, they have all these placeholder area codes, and all these things are saying that eventually there’s going to be a micropayment system. People can’t read an article online as there’s no payment system in place, and Unbounded Capital and BSV will give them a forum to error. The internet’s been operating without this kind of critical feature for 20 years, and now it exists. The subsidy is that solution. It’s the electronic cash payment system that can do a tiny fraction of the payment. It’s not in 18 months. It’s here. You can look at all these applications that are using it, and it’s ready to go.”
Mullen-Muhr expressed that the description defies the usual confusion about blockchain and digital currency and makes knowledge sharing quick and straightforward. Present the picture as the internet with a micropayment business model, and the general response is positive.
To learn more about the investment aspect of BSV and what venture capital firms are doing, watch this episode of More Than Money on the CoinGeek YouTube channel.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.