Venture capitalist Marc Andreessen continues to send mixed signals on Bitcoin at a time when it is not yet clear to what extent the influential companies he founded are supporting the technology.
In a new interview with Bloomberg On Tuesday, Andreessen, co-founder of venture capital firm Andreessen Horowitz, discussed the work of Bitcoin inventor Satoshi Nakamoto, calling it “one of the most amazing things I’ve ever seen.”
“Most people, when they invent something so deeply revolutionary, don’t realize how important it is when they invent it. Whoever it was that person or thing, the AI, the government agency, they knew the importance of what it was from the start, so they knew it was important to hide their identity ”, did he declare.
Earlier this year, A16z raised nearly $ 2 billion for a crypto fund, but at the time gave no indication as to whether it would invest in Bitcoin or projects built on its layer networks. superior like Lightning, who is currently a driving force behind El Salvador’s economy. .
Instead, in his full remarks, Andreesseen, one of the early backers of Bitcoin as a payment technology, seemed more interested in altcoins.
Asked about cryptocurrencies, Andreessen said, “A lot of the smartest people in IT are getting into this field,” he said, adding that he represented “a new kind of financial system” where people are “able to build trusting relationships in an unreliable environment.
According to Andreessen, he now manages “around $ 18 billion today”.
When asked what makes cryptocurrencies like Bitcoin such successful investments, Adreessen replied:
“There’s a fundamental technological breakthrough that’s actually happened – an area of computing called distributed consensus. It is the ability of many people and software on the Internet to build relationships of trust in an unreliable environment.
He continued, “Money is an app. There are a lot of other applications, a lot of other things that people are going to be able to do with this technology. Many of the smartest people in IT are getting into this field and moving it forward at a very rapid pace. So, to us, it seems like this is just the eighth or ninth fundamental architectural transformation that is taking place in the tech industry. And we take it very seriously because of it. “
Andreessen’s comments mirror those of SEC Chairman Gary Gensler yesterday. Both understand the origin story of Bitcoin’s pristine conception, but don’t seem to understand the enduring importance and change that technology is bringing to the world.
Indeed, when asked where investors should store their wealth, Marc Andreessen recommends: “Put it in an S&P 500 index fund,
“Don’t be fancy.”