Andreessen Horowitz big entry into cryptocurrency happened at the worst moment
Join Our Telegram channel to stay up to date on breaking news coverage No investor made more bets on the cryptocurrency market last year as prices skyrocketed than Andreessen Horowitz. Thanks in large part to a 50-year-old partner named Chris Dixon, who was one of the first believers for how the blockchain technology underlying cryptocurrencies may alter business, the famous venture-capital firm had established a reputation as Silicon Valley’s greatest crypto bull. His unit was one of the most active cryptocurrency investors last year, and in May it announced the biggest-ever crypto fund at $4.5 billion. It wasn’t excellent timing In the midst of a general market downturn, the price of bitcoin and other cryptocurrencies has plummeted this year, wiping out billions of dollars in paper gains for Andreessen’s funds. Some of the company’s most treasured cryptocurrency firms no longer have any consumer demand, while others are being scrutinized more closely ...