Venture capital firms are critical to infrastructure development in the Bitcoin ecosystem, despite pushback from some in the community, according to builders speaking at the Token2049 conference in Dubai.
Charlie Yechuan Hu, CEO of Bitcoin layer-2 protocol Bitlayer, shared his insights on venture capital (VC) firms in the Bitcoin (BTC) ecosystem.
Hu told Cointelegraph that he views many VC firms in the space positively, as they offer support to early ventures that need capital to build infrastructure.
“You need developers, you need to open up the whole ecosystem foundation, everything,” Hu said. “You need to pay for the cloud, like AWS or RPCs, all that, servers […] So, we have to have VC on that.“
Hu challenged the usual Bitcoiner ethos that argues against outsider capital.
“It’s difficult to say, okay, let’s do a fair mint, and then have a very successful, healthy treasury, and you have to pay all