determining factor that is holding back overall ecosystem development – the inexperience of the technology's entrepreneurs.
At least, that's the opinion of FirstMark Capital managing director Lawrence Lenihan, who, despite overseeing his firm's first bitcoin investment in Coinapult this October and being a self-described "bitcoin bull", argues that many current bitcoin entrepreneurs fail to understand how the traditional financial system works.
Lenihan, whose firm has backed marquee startups such as Lumosity, Pinterest and Shopify, indicated that this knowledge gap has impacted his firm's ability to capitalize on its own interest in the bitcoin ecosystem.
Lenihan told CoinDesk:
"I think, honestly, a lot of people in bitcoin don't understand money. They might understand bitcoin because they read about it and were early on it, but they don't understand how the global money system works and that's when this thing really takes off. In terms of FirstMark's investment, we need industrial-strength businesses and I want to see industry-strength entrepreneurs start them."
Despite his critique of the ecosystem, the SecondMarket board member indicated that he first learned of bitcoin through that company's chairman and former CEO Barry Silbert, and remains convinced of the technology's long-term potential.