12 Dec '13, 10pm

With $25 Million Bet, Silicon Valley Officially Claims Bitcoin as Its Own

With a $25 million investment, Coinbase will be able to hire more programmers like Google’s Charles Lee. Photo: Alex Washburn/Wired What is the center of the Bitcoin universe? With a completely decentralized digital currency like Bitcoin, it’s hard to say, but today, Silicon Valley took a serious step toward claiming those bragging rights. That’s because one of the Valley’s most important venture capitalist firms, Andressen Horowitz, made the biggest bet yet on a Bitcoin company, dropping $25 million on Coinbase — a company that’s trying to make it easier for consumers and merchants to use the digital currency. It’s the largest-ever investment in a bitcoin company. And it’s a sign that bitcoin may be becoming a Silicon Valley phenomenon. “Bitcoin is going to be as big as the Internet,” Andressen Horowitz’s Chris Dixon told The New York Times today. Bitcoin already has an a...

Full article: http://www.wired.com/wiredenterprise/2013/12/silicon-vall...

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