‘Dismissing Crypto Is Like Dismissing Internet In 1993’: Leading VC Investor

According to Benedict Evans who is in the daily cryptocurrency news today, the crypto adoption is here and it is present. The general partner at Andreessen Horowitz (A16Z) which is one of the most successful venture capital firms did not hesitate to show his stance towards the adoption of Bitcoin and other assets.

As he said, the crypto space has seen a large number of failed projects and scams over the past several years. However, if investors focus on the failed projects and fraudulent operations in the growing sector, it would be like dismissing the the internet in 1999 based on the lack of progress of projects such as Usenet, Cuecat and Boo.com.

As Evans noted:

Crypto today has a lot in common with both the internet in 1993 and the internet in 1999. Huge potential with few of the use cases invented yet, combined with froth, scams and delusion. This makes it easier to dismiss (“useless AND a scam!”).

— Benedict Evans (@benedictevans) October 29, 2018

Previously, Ben Horowitz, who is a VC investor and the co-founder of A16Z, also pointed out to the deceptive aspects of emerging technologies like crypto – stating that in the beginning, they seem significantly inferior to existing technologies.

However, it is their discrepancy in efficiency and practicality that makes it easier to dismiss the newly created technologies on the premise that they are dominated scams. Evans, however, explained that as the market matures, there will be more and more mainstream use cases and technologies adopted by projects in the sector.

“Looking at crypto and only seeing the scams is like looking at the internet in 1999 and only seeing the bubble. Looking at crypto and seeing no use cases is like looking at the internet in 1993, when the web was 3% of traffic,” he concluded.