Marc Andreessen: Bitcoin Is a Fundamental Technological Transformation
The co-founder of Andreessen Horowitz – Marc Andreessen – highlighted cryptocurrencies and blockchain technology as a financial revolution. He also praised bitcoin, saying it is not only a digital asset but a network providing numerous options to investors.
Cryptocurrencies Can Build Trusty Relationships
During an interview for Bloomberg, the American entrepreneur Marc Andreessen revealed his reasons what makes digital assets an enduring investment option. He stated that one of their main qualities is that they can “form trusty relationships in an untrusty environment.” He went further, opining that virtual currencies represent a “fundamental technological transformation:”
“We view it as a fundamental technological transformation. So there’s a fundamental breakthrough that has actually happened. So it’s the ability for a lot of people and software on the Internet to be able to form trusty relationships in an untrusty environment.”
Andreessen Horowitz’s co-founder said that the asset class could be kind of confusing for investors. To him, it is like “the parable of the blind man and the elephant,” and that is one reason why some people get distracted and carried away. Still, he outlined that cryptocurrencies and the underlying blockchain technology are superior to fiat money.
“Many of the smartest people in computer science are going into this field and they are pushing it forward in a really rapid rate, ” he added.
Andreessen spoke about bitcoin, too, describing it as “an internet computer that’s spread out across hundreds and thousands of physical computers all over the world.” It is a decentralized transaction processing system that can employ various financial operations besides just exchanging money.
Subsequently, he opined that keeping the identity of Bitcoin’s creator as a secret is “one of the most amazing things.” The top executive pointed out that the mysterious Satoshi Nakamoto knew from the very beginning how important this move would be and called it “double amazing” how he/she or they could maintain it undisclosed all this time.
Andreessen Horowitz to Launch a $2.2B Cryptocurrency Fund
The Silicon Valley venture capital firm Andreessen Horowitz (a16z) recently showed its support towards the digital asset industry and announced its intentions to launch a $2.2 billion fund. The company plans to distribute the amount across blockchain and cryptocurrency start-ups. Katie Haun and Chris Dixon – the leaders of the organization’s virtual assets arm commented:
“The size of this fund speaks to the size of the opportunity before us: crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives.”
In addition, a16z had hired numerous new personnel for the initiative, including former Securities and Exchange Director Bill Hinman.
Featured Image Courtesy of Stanford.EduSource