“Track record of old white men who don’t understand tech crapping on tech they don’t understand is still at 100 percent.” Quote from Marc Andreessen, a venture capitalist who is in disagreement with Warren Buffett’s bitcoin skepticism.
Just last week, Warren Buffett called bitcoin a mirage. On Tuesday in San Francisco at the Coin Summit, Andreessen said that he is not deterred at all by the recent volatility of bitcoin.
“It’s as bulletproof as anything I have ever seen,” he said, we learned from Heather Somerville of Merc.
Marc Andreessen and his firm Andreessen Horowitz have actually invested $50 million in ventures related to bitcoin. He and his firm plan to invest hundreds of millions more.
“I think the relevant comparison point for bitcoin is 1993 or 1994 for the consumer Internet,” he said on Tuesday according to Tech Crunch. “It arrived with fringe politics and fringe characteristics. But you just have to go through a maturation process, and along the way, the fringe characters can get alienated.”