Alternative Finances

Marc Andreessen Doubles Down On Bitcoins

Given the string of recent controversies surrounding bitcoin – from the fall of Mt. Gox, to the suicide of the CEO of one exchange – some have begun forecasting the inevitable downfall of the digital currency.

Internet pioneer and venture capitalist Marc Adnreessen is not one of those people. His firm, Andreessen Horowitz, has already invested $50 million in bitcoin and plans to invest hundreds of millions more over the next several years.

Andreessen stance is not popular with all investors, which is not terribly surprising given bitcoin’s controversial nature.  What is surprising is that not all bitcoin enthusiasts are thrilled with Andreessen’s attentions.

"You've got a bunch of bitcoiners and young libertarians who don't have enough confidence and life experience," Cody Wilson told The Wall Street Journal.

Wilson is a co-founder of Dark Wallet, which seeks to enhance anonymity within digital-currency networks, "So they are being lulled into the [venture capitalist] set in California and New York. There's just not enough confidence to go against the grain and question the whole goddamn thing."

For his part, Andreessen has consistently maintained that he believes mathematical currencies to be a sound investment with strong growth potential.

"I'm completely unfazed and plan to invest more," he said in an interview with the Journal earlier this year.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source. 

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

1 Comment

TRENDING RIGHT NOW