01-08-2015
09:44 am
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Marc Andreessen Fires Back at Warren Buffett For Comments Made on Bitcoin

Marc Andreessen
Flickr/Joi Ito

Investor Warren Buffett is undoubtedly one of the greatest investors of our time. He’s amassed a billionaire fortune throwing money into the right companies, but it’s pretty much safe to say he doesn’t know very much about technology.

In fact, the 83-year-old admits to not using email, and utilizes a FAX machine as one of his primary forms of communication.

So when he says bitcoin is a “mirage” and warns people to stay away from it, no doubt bitcoin enthusiasts have taken offense.

One of those people is Marc Andreessen, founder of Netscape Communications and partner at Andreessen Horowitz (who, by the way, is investing heavily in the bitcoin space). At the CoinSummit conference in San Francisco on Tuesday, he took to the microphone to share his thoughts:

“The historical track record of old white men who don’t understand technology crapping on new technology is, I think, 100 percent,” he said to an audience of likeminded fans of the digital currency.

Following his appearance, Andreessen followed up on Twitter:

“I myself know nothing about railroads,” he wrote. “Correspondingly have no view on them.”

Andreessen raises a good point here. While Buffett should be entitled to his own opinions, it’s not necessarily the right thing to portray bitcoin in a negative light due to one’s own ignorance.

Do you think Andreessen was too harsh with his statement?

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