The past decade has been a bit of a wild ride. A year and a half later, in 2010, a user on the Bitcointalk forum paid 10,000 bitcoins (current value: about $63 million) for two large pizzas. The price of a bitcoin first hit $100 in the summer of 2013 and $1,000 three months later. But the real boom, of course, didn't begin until last year, when the price of a single coin bubbled up to nearly $20,000 before embarking on a steep (and still ongoing) decline. Fortunes were made. Others were lost. You found yourself googling things like “what is bitcoin mining.”
But it seems like bitcoin and the legion of other cryptocurrencies are here to stay, at least in some capacity. Firms like Tiger Global and Andreessen Horowitz certainly think so. Those were two of the VCs this week to participate in a $300 million funding for Coinbase, valuing the operator of a cryptocurrency exchange at $8 billion—more than all but nine other VC-backed companies in the entire US.
That continues a valuation ascent for the company that's been even steeper than the rise in the price of the most popular coin on its trading platform. And that's one of six big things to know from the past week in VC: