Even an Internet search giant apparently can’t make a good investment in Bitcoin with news today that Google Investments backed Buttercoin Inc. is closing its doors April 10th.

The startup, which launched to much fanfare just four months ago, announced (offline at the time of writing) that despite claiming that they were 100% secure and solvent, it was a lack venture capital interest that forced the closure:

“With the dip in bitcoin interest among Silicon Valley investors, we weren’t able to generate enough venture capital interest to continue funding Buttercoin.”

The explanation is grossly rich given that over the last 6-9 months there has been a record amount of money going into Bitcoin and cryptocurrency related startups. There are, according to reports, many successful Bitcoin exchanges that haven’t had investments from the likes of Google, that despite the difficulty, have achieved far more on less.

Other investors who made a seriously bad bet of $1.3 million include Jake Zeller, ACE & Company, Initialized Capital, Alexis Ohanian, FLOODGATE and others.

Bitcoin Poker?

The silly thing with the news, some may say, is that there is massive opportunities with startups investing in the Bitcoin space. This investment though has got to be the worst investment Google Investments has ever made.

From the little SiliconANGLE is able to grab about the company, it was a sad, pathetic attempt to play in the BitCoin exchange space from investors who, on what has been said, weren’t all that keen to be investing in the space to begin with.

There’s a lot of dodgy, nefarious Bitcoin Exchanges out there, but this, at least from the outset wasn’t one. It really came down to a lack of serious effort from a company that thought pissing $1.3 million up against a well was good fun.

Some may say that’s endemic of the second great tech buble where money is thrown around without due thought. Those people are, naturally entitled to those views.