Yesterday I received an email from a reader who wanted to know why I was hyping my position in Bitcoin. It's a fair question and one that I feel like responding to publicly as well as privately.

USV does not own any Bitcoin. I don't know for sure, but I suspect my partners own very little, if any Bitcoin. I own a total of 7.39 Bitcoin spread between several hosts.

I own these Bitcoin to be able to use them when I want to try new things. I have purchased approximatly 175 Bitcoin over the years and have spent or given away almost all of it.

I don't have a view on what the ultimate value of a Bitcoin will be nor do I care. I am interested in Bitcoin plain and simply because I believe it can be and possibly will be the financial and transactional protocol for the global Internet. That's where my interest lies and that is where my positions will lie. We have one so far, which is Coinbase, and I hope and expect we will make other Bitcoin related investments.

My partner Albert's post on Bitcoin lays out where we are looking to make investments in this sector. Buying and speculating on Bitcoin is not one of them.