These Startups Are Betting Everything on Bitcoin

Charlie Shrem knew it would be difficult to convince investors to fund his startup, but he never expected that he'd have to beg on camera to raise the money he needed.

Shrem launched an online service in mid-2011 called BitInstant that lets users convert dollars into Bitcoins. This was more than a year before the digital currency's value skyrocketed into the triple digits and gained an incredible amount of media attention. Most investors — like most of the general public — either didn't know what a Bitcoin was, or else didn't take it very seriously. Recognizing that, Shrem initially avoided asking investors for funding and instead took $10,000 from his mother. His father had already turned him down. But by the end of that year, Shrem needed more funds and he had no choice but to start making the rounds to investors. Read more...