Bill Gurley said bitcoin is no fraud and that the cryptocurrency is particularly valuable in unstable parts of the world.
Venture capitalist Bill Gurley is bullish on bitcoin because he views it as a more secure place to keep money in areas of the world with political and economic dysfunction.
“I think of it as an incredible store of value in the rest of the world,” said Gurley, in an interview on CNBC’s “Squawk Alley” on Friday. “I don’t think it’s irrational.”
The price of bitcoin is up almost eight-fold this year to $7,877. The total value of the bitcoin currency in circulation is close to $132 billion.
Bankers and institutional investors ranging from JPMorgan CEO Jamie Dimon to Allianz’s Mohamed El-Erian have questioned the value and utility of cryptocurrencies, with Dimon going so far as to call it a “fraud” that’s bound to blow up.
Gurley said bitcoin is not a fraud and said Benchmark, his Silicon Valley firm, has a very small position in the currency.
Source/More: Bill Gurley: bitcoin is ‘incredible store of value’