Banks Are ‘Grabbing in the Dark’: Blockchain/Bitcoin VC Draper

Adam Draper thinks people will stop talking about the blockchain in the next few years.

No, the chief executive of Boost VC, which backs 56 bitcoin and blockchain companies, does not think the platform that promises to revolutionize financial institutions with rapid settlement and transparency is a fad. Rather, he thinks in a few years the technology will be so prevalent that it will fade into the background.

“In three years, no one is going to be saying blockchain, but everyone is going to be using the blockchain,” Draper said in a recent interview with American Banker. “I don’t say I’m going to TCP/IP you — I say I’m going to text you.”

Boost began four years ago as a venture firm with a tech-business development center. As it plotted its second year, it decided to narrow its focus. It considered 3-D printing, but that is too capital intensive, Draper says. It considered drones, but at the time Draper couldn’t see many uses besides taco delivery. Draper had already personally invested in Coinbase, a bitcoin exchange, so it decided to focus on the cryptocurrency. The company is now on its seventh “tribe” of companies put through its development program. It invests $25,000 for

Read more ... source: TheBitcoinNews