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.

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