Bill Gurley said that he’s gotten sick of all the talk about cryptocurrencies.
“Everyone in this room is nauseous from discussions on crypto,” the general partner at venture capital firm Benchmark told an audience on Wednesday at the Goldman Sachs Internet and Technology Conference in San Francisco. “I suggest we move on.”
It’s true that topics surrounding bitcoin and blockchain have taken over Silicon Valley in recent months. The price of cryptocurrencies, particularly blockchain, skyrocketed in 2017 before crashing in January.
In November, Gurley told CNBC that he viewed bitcoin as an “incredible store of value in the rest of the world,” where economies and governments are less stable. He said at the time that Benchmark had put a small amount of money in bitcoin.
Benchmark hasn’t been a big crypto investor relative to some other venture firms, but it’s not ignoring the space. Peter Fenton, one of the firm’s partners, is taking a close look at the market, and according to a recent story in Recode, Benchmark is investing in the initial coin offering for messaging app Telegram.