Early Bitcoin Entrepreneurs Took Risks Like ‘Running Into Machine Gunfire,’ Says Trace Mayer

Mayer, an early bitcoin ( BTC) advocate and investor, highlighted the precarious landscape faced by entrepreneurs backing projects like Bitpay in 2013. “Anyone who owned all or part of a money transmission business…could face five years in jail,” he said, referencing unclear U.S. regulations. Trace Mayer, Roger Ver, and Founders Fund’s Peter Thiel were among Bitpay’s seed investors, a $510,000 round that fueled the payment processor’s growth despite legal ambiguities.

“The early Bitcointers…stormed like Omaha Beach. They took the risk running into the machine gunfire,” Mayer stressed, likening their efforts to WWII’s pivotal invasion. The analogy reflects the era’s regulatory uncertainty concerning crypto and blockchain, Mayer noted, citing the U.S. government’s 2007 crackdown on Liberty Dollar. Bitcoin entrepreneurs risked similar backlash while building foundational companies. Ver, often called “Bitcoin Jesus” for evangelizing the technology globally, became a key figure in this movement, investing in Bitpay, Kraken, Coinbase, and Blockchain.com.

Trace Mayer on Roger Ver (Bitcoin Jesus) discussing what he and early Bitcoiners did for the space to help pave the way for us today: “Roger Ver and other early Bitcoiners took the risk, running into the machine gun fire.” #FreeRoger pic.twitter.com/gDwumPg4dN

— DΛVID (@DavidShares) March 26, 2025

Today, Ver faces his own legal battle: U.S. prosecutors allege he evaded taxes by underreporting bitcoin holdings and company values after renouncing citizenship in 2014. He vehemently denies the charges, calling them “politically motivated,” while supporters—including Ethereum’s Vitalik Buterin, Donald Trump’s ex-wife Marla Maples, Natural News founder Mike Adams, and American conservative commentator Tucker Carlson—urge President Donald Trump to pardon him. Ver, under house arrest in Spain awaiting extradition, could face 109 years if convicted.

Mayer’s comments reveal a broader narrative: Bitcoin’s growth hinged on pioneers willing to risk personal freedom. “Some took more risks than others,” he remarked during the interview. As the crypto industry matures, Ver’s current legal issues symbolize the tensions between innovation and regulation—a fight early adopters knew could cost them everything. Mayer, Ver, and their peers’ gambles helped transform bitcoin from a niche experiment into a $1.7 trillion asset class, leaving a legacy as complex as the risks they took.

Check out freerogernow.org today to explore Roger Ver’s Motion to Dismiss and lend your voice by signing the petition for his freedom.

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