Uncategorized

Andreessen Horowitz Plans to Put "Hundreds of Millions of Additional Dollars" Into Bitcoin Start-Ups

Jayanand Sagar | March 23, 2014 | 10:58 am
Uncategorized

Andreessen Horowitz Plans to Put "Hundreds of Millions of Additional Dollars" Into Bitcoin Start-Ups

Jayanand Sagar | March 23, 2014 | 10:58 am
Marc Andreessen

Marc Andreessen Flickr/Joi Ito

Some interesting information coming from a Wall Street Journal report (paywall) surrounding venture-capital firm Andreessen Horowitz and co-founder/partner Marc Andreessen (co-founder of Netscape Communications).

The report, which makes note of the fact that Andreessen Horowitz has made investments of about $50 million in bitcoin-related products and services is planning to invest “hundreds of millions of additional dollars over the next few years.”

“I’m completely unfazed and plan to invest more,” said Marc Andreessen on the topic to WSJ.

Andreessen first approached investors at the firm about bitcoin in April of last year.

“At first blush, you’re going to think we’re out of our minds,” he was quoted as saying to the firms on the Andreessen Horowitz advisory board, “but we’re going to invest in a fake mathematical currency.”

According to Andreessen, his statement was met with silence, but less resistance than his anticipated. Before you know it, the firm had made a whopping $25 million investment in bitcoin brokerage service Coinbase.

It’s interesting that such a prominent figure in the VC industry has taken such a bullish stance on bitcoin. And with significant investments, they are no doubt, contributing to the growth and success of this digital currency.

Read the full report at the Wall Street Journal (paywall).

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