Venture capitalist Marc Andreessen continues to send mixed signals regarding Bitcoin at a time when it remains unclear how the influential firms he founded are endorsing the technology.
In a new interview with Bloomberg on Tuesday, Andreessen, co-founder of venture capitalist Andreessen Horowitz, spoke about 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 this groundbreaking, don’t realize how important it is by the time they invent it. Whoever that person or thing, AI, government agency is – they knew from the start how important it was, so they knew it was important to hide their identity, ”he said.
Earlier this year, A16z raised nearly $ 2 billion for a crypto fund, but at that point gave no indication of whether it would invest in Bitcoin or projects built on top of its top-layer networks like Lightning, which is currently the one driving force in El Salvador’s economy.
Instead, Andreesseen, one of the earliest supporters of Bitcoin as a payment technology, appeared to be more interested in altcoins in his full elaboration.
When asked about cryptocurrencies, Andreessen said, “A lot of the brightest people in computer science go into this field,” he said, adding that it represents “a new type of financial system” in which people “are able to develop trusting relationships to build an “untrustworthy environment.”
According to Andreessen, he now manages “around 18 billion US dollars”.
When asked what makes cryptocurrencies like Bitcoin successful investments, Adreessen replied:
“There is a fundamental technological breakthrough that actually took place – an area of computer science known as distributed consensus. It is the ability of many people and software on the Internet to build relationships of trust in an untrustworthy environment. “
He continued, “Money is an application. There are many other uses, many other things that people can do with this technology. A lot of the brightest people in computer science are going into this field and they’re moving it forward at a very fast rate. So to us it looks like it’s only the eighth or ninth fundamental breakthrough change in architecture in the tech industry. And that’s why we take it very seriously. “
Andreessen’s comments echo those of SEC Chairman Gary Gensler yesterday. Both understand the genesis of the flawless conception of Bitcoin, but don’t seem to understand the enduring meaning and change that technology is bringing to the world.
When asked where investors should keep their assets, Marc Andreessen recommends: “Put it in an S&P 500 index fund,
“Don’t get fancy.”