Startups without traction 'buy their way in'

Firms Without a Business Model Buying Bitcoin, Says Angel Investor Jason Calacanis

A prominent angel investor and entrepreneur, Jason Calacanis, has made a surprising statement about the current state of the cryptocurrency market. In a recent interview, Calacanis revealed that he has seen a surge in companies without a clear business model investing in Bitcoin.

According to Calacanis, these firms are buying Bitcoin as a hedge against market volatility and as a way to diversify their portfolios. He noted that many of these companies are not traditional cryptocurrency players, but rather firms from other industries that are looking to get in on the action.

Calacanis, who has invested in a number of successful startups, including Weblogs, Inc. and Mahalo, said that he has seen this trend firsthand. "I've seen companies that don't have a business model, that don't know what they're doing, buying Bitcoin," he said. "They're buying it because they think it's going to go up in value."

Calacanis' comments come as the cryptocurrency market continues to experience significant volatility. In recent weeks, the price of Bitcoin has fluctuated wildly, with some analysts predicting a major correction is on the horizon.

Despite the uncertainty, Calacanis remains bullish on the long-term prospects of Bitcoin. "I think Bitcoin is going to be around for a long time," he said. "It's a store of value, it's a hedge against inflation, and it's a way to diversify your portfolio."

Calacanis' comments are likely to be seen as a positive sign for the cryptocurrency market, which has struggled to gain mainstream acceptance in recent years. As more companies and individuals become interested in investing in Bitcoin, the market is likely to continue to experience significant growth.

In the meantime, Calacanis is advising investors to be cautious and to do their due diligence before investing in Bitcoin. "I'm not saying that you should go out and buy Bitcoin right now," he said. "But I am saying that it's a viable investment option, and it's something that you should consider as part of your overall investment strategy."