TL;DR
• Union Square Ventures Fred Wilson delivered keynote at Coin Center gala, emphasizing blockchain technology resilience
• Wilson highlights steady growth in Bitcoin price and transaction volume despite market volatility and skepticism
• Veteran investor compares blockchain to Internet, citing “deep and fundamental belief in decentralized, open, resilient systems”
• Wilson acknowledges industry challenges but urges continued persistence in building meaningful applications
Veteran venture capitalist Fred Wilson delivered a powerful keynote at the Coin Center annual gala dinner in New York City, coinciding with the Consensus Conference 2016. The Union Square Ventures partner shared insights gained from five years of investing in blockchain technology, emphasizing the sectors remarkable resilience despite ongoing challenges.
I have been investing in early stage emerging technologies for thirty years as a venture capitalist. Wilson explained. We have watched this set of emerging technologies develop over the past five years and we remain very excited about the potential of decentralized trust systems.
Wilson journey with blockchain began in early 2011 when his friend Rikki Tahta introduced him to Bitcoin. Here was another technology that was designed explicitly to be resilient, decentralized, open, and available to anyone. Wilson recalled. It fit like a glove into my belief system.
Despite his enthusiasm, Wilson offered a candid assessment of the industrys current state: I cannot point to a blockbuster company that has been built on blockchain technology. There has been no lack of trying. There is no lack of funding.
The veteran investor acknowledged that most blockchain applications to date have served grey and black market activities, though he noted that Bitcoin and Ethereum themselves represent significant technological achievements.
Wilson presented compelling evidence of Bitcoins resilience through data. If you draw a trend line from the start of that chart to the end of that chart, it is steadily up and to the right. he said of Bitcoins price performance since January 2013. During that same time, we have seen so many things that should have meant the end of Bitcoin. And yet, it just keeps chugging along.
The transaction chart told a similar story of steady growth and resilience, demonstrating the networks increasing adoption and utility.
Wilson identified several challenges facing blockchain technology development. We have seen that open source communities can and do struggle to develop consensus about what changes should be made and when and how. he noted. The industry also faces resistance from established companies and regulatory scrutiny.
Despite these obstacles, Wilson emphasized the importance of maintaining faith in the technology potential. We are working on the right thing. It is taking longer than I thought and than you thought. he acknowledged. But if we stay resilient, like the systems we are working on, we will prevail.
The key message resonated with attendees: If they arent laughing at you, you arent working on the right things.
Why This Matters
Fred Wilson perspective comes from someone deeply embedded in both traditional venture capital and emerging blockchain technology. His observation that Bitcoins price and transaction volume have shown consistent upward trends despite numerous challenges provides valuable context for understanding blockchains long-term potential. The comparison to early Internet development offers historical perspective, suggesting that todays blockchain challenges may mirror those faced by previous transformative technologies. Wilson emphasis on resilience – both technological and human – underscores the importance of persistence in building meaningful blockchain applications that can deliver real value beyond speculation.
This article was published for informational purposes only. Bitcoins News is not responsible for errors, mistakes, inaccuracies, or omissions in this content. Under NO circumstances shall Bitcoins News be held liable for losses, damages, or costs arising from this information or its use. Crypto prices and market conditions are highly volatile and may change between writing and reading. Third-party data sources (CoinMarketCap, exchanges, APIs) are provided without warranty. Automated systems generate historical/backfill content. Corrections are made at sole discretion, with no obligation to update. See our Financial Disclaimer for additional limitations.
fred wilson comparing blockchain to the internet in 2016 at coin center. guy was early on twitter and tumblr too, so the track record speaks for itself
usv was early on twitter, tumblr, etsy, AND crypto. fred wilsons conviction investing through 30 years of tech cycles is honestly unmatched
usv_fan_ being early on tumblr and twitter is exactly why his blockchain conviction mattered. the man has a pattern recognition muscle most VCs lack
Investing since 2011 and still saying “we remain excited” in 2016. That kind of conviction through multiple bear markets is rare.
wilson started investing in crypto in 2011. most VCs today still dont understand consensus mechanisms and they have been allocating for 5 years
annika_r spot on. the conviction from actually using and understanding the tech is what separated USV from the tourists. most funds showed up in 2021 with zero thesis beyond fomo
annika_r being early on crypto in 2011 when most VCs thought it was monopoly money for criminals is the actual alpha. pattern recognition plus willingness to look stupid
comparing blockchain to the internet in 2016 at a coin center gala took real guts. most of the audience was still trying to explain bitcoin to their parents
Mira D. spot on. in 2016 explaining bitcoin to your parents was painful. most people thought it was monopoly money for criminals
Wilson comparing blockchain to the internet in 2016 aged incredibly well. most of his VC peers were still calling it a ponzi at that point
Igor D. the internet comparison aged perfectly. USV got into Coinbase at seed and held through multiple winters. pattern recognition plus patience
seed_round_archaeologist being early on tumblr, twitter, etsy AND crypto is not luck. USV has 30 years of catching secular trends before they break
vc_track_ tumblr twitter etsy AND crypto at seed stage is insane pattern recognition. USV built their entire brand on being right about secular shifts
usv portfolio speaks for itself. when fred wilson says decentralized systems have staying power you listen because the man has the receipts
Danilo Costa USVs crypto portfolio includes Coinbase, OpenSea, and Stripe. conviction plus deal flow. most VCs talk decentralization, Wilson actually funded it
vintage_vc USV got into Coinbase at seed valuation. saying remain very excited in 2016 after already being up 50x is easy when your entry was 2011
conviction_check_ fair point on USVs seed entry but being early on tumblr twitter etsy AND crypto is not just luck. wilson has genuine pattern recognition
Greta W. USV got Coinbase at seed AND held through 2018 winter. pattern recognition plus actual conviction is rare in VC land
vintage_vc USV got Coinbase at seed and rode it to IPO. conviction investing with actual deal flow is a different sport
2016 keynote and we are still having the same conversation about blockchain resilience in 2026. the technology survived, the skepticism didnt
Kwame A. 10 years later and the skepticism really did die. blockchain survived and the critics quietly moved on to hating NFTs instead
Fred Wilson started in 2011 when BTC was under $10. most of his VC peers were still calling it monopoly money for criminals at Consensus 2016
Tomoko H. Wilson at BTC under $10 in 2011 and people still doubt early VC conviction. the man saw decentralized trust systems before Ethereum existed
Mira S. Wilson at BTC under 10 in 2011 is the kind of conviction that separates real VCs from trend chasers. been holding through 4 bear markets since
2016 keynote referencing 5 years of investing and now its 15 years later with USV still holding crypto positions. say what you want about VCs but the conviction is real
comparing blockchain to the internet in 2016 was controversial. 10 years later its the most obvious call in hindsight and people still doubt it