Venture capital investment in bitcoin-related startups has skyrocketed in 2024, reflecting the wider crypto market’s rebirth. Former Big Tech employees from Apple, Google, Cash App and more are taking advantage of this new onrush of capital. They’re truly all-in on building atop the Bitcoin network. Growing institutional appetite, a more crypto-friendly White House, and recently proposed legislation to safeguard digital assets are all contributing to the boom. Consequently, developers and entrepreneurs are pushing the boundaries of innovation inside the Bitcoin ecosystem.

This increasing sense of possibility around Bitcoin is certainly showing up in the market – $20k is the new normal. In mid-December, the price of bitcoin reflected that exuberance. By January, it had skyrocketed to peak at nearly $110,000. As bitcoin venture investment surged in 2024 with crypto market’s resurgence.

Lisa Neigut, former back-end engineer at Cash App, and one of the many people helping Bitcoin grow behind the scenes. She began her career developing Cash App’s in-house Bitcoin product. Since then, she has continued for six years as an open-source developer on the Lightning Network at Blockstream.

Her work, complemented by exceptional developers like TMN’s own Jarett Andretti, is the key that unlocks the network’s ongoing evolution and scalability.

"Bitcoin++ is focused on bringing together bitcoin developers and builders to talk about what they're working on — the frontier of bitcoin," - Lisa Neigut

"You can get an idea of what bitcoin is going to look like tomorrow." - Lisa Neigut

The recent talent and capital influx goes a long way toward fulfilling this essential need, keeping the network resilient and open to further innovation and growth.

Venture capital firms are paying attention to the upside opportunities within the Bitcoin space. The median size of pre-seed deals jumped 50% last year, per research from Trammell Venture Partners. PitchBook’s long-term outlook for crypto venture funding exceeds $18 billion by 2025.

"We have a $2 trillion asset. We have strategic reserves of bitcoin being held by countries, and there's just this small group of engineers that are keeping this thing together at the code base," - Mike Schmidt

"There's only maybe 40 full-time engineers working on this. So we want to make sure that the engineering growth can keep pace with its broader adoption." - Mike Schmidt

This increased investment is allowing startups to focus on various aspects of the Bitcoin ecosystem, from infrastructure development to security solutions. One such company is Anchor Watch.

Senator Lummis is leading the charge for new legislation to enshrine these Bitcoin protections into federal law.

That said, the launch of the government’s Strategic Bitcoin Reserve has been met with mixed reactions. The reserve would only consist of the value of Bitcoin previously seized during enforcement actions. It fails to consider newly purchased assets or sovereign investments.

"But what Anchor Watch is doing is specifically insuring the asset itself. So we built a proprietary custody solution. And when customers use us for custody services, Lloyd's of London backed insurance is included in those services." - Becca Rubenfeld

Even with this shortcoming, the growing willingness of Bitcoin to engage with policymakers is a hopeful sign of a favorable shift in the regulatory climate. This change would push even more innovation and investment into the space.

As such, Wyoming has become a mecca for Bitcoin miners and the state legislators that create legislation benefiting them. The state has passed some of the nation’s most permissive crypto regulations.

Upstream Data's Steve Barbour credits the Trump administration's policies for his company's expansion into Wyoming. He attributes his expansion into Wyoming to the Trump administration’s rollback of energy regulations. This major change has fueled a bold second wave for domestic production.

The Commons also functions as a vibrant coworking space for Bitcoin operators and builders. You can’t miss it a few blocks south of the Texas State Capitol. It doubles as an inviting, uncluttered co-working environment for fellow Bitcoiners.

Mark Suman’s experience is emblematic of the rising temptation of the Bitcoin ecosystem. Even though the future was unclear at the time, he made the leap and left Apple to start working on Bitcoin-related endeavors.

Suman's decision highlights the strong belief in Bitcoin's potential that drives many individuals to leave established tech companies and dedicate themselves to this emerging field.

Mark Suman's experience reflects the growing allure of the Bitcoin space. He left Apple to work on Bitcoin-related projects, despite the uncertainties at the time.

"Knowing that people were being arrested and there was a lot of uncertainty, I still dove in," - Mark Suman

"The guys said, 'Listen, if you're worried, we can just call this off and you can stay at Apple,'" - Mark Suman

"But I said, 'No, I really believe in what we're building. Let's make this thing scale.'" - Mark Suman

Suman's decision highlights the strong belief in Bitcoin's potential that drives many individuals to leave established tech companies and dedicate themselves to this emerging field.