Billionaire and tech pioneer Marc Andreessen says the crypto industry rhymes with the rise of the internet

Silicon Valley venture capitalist Marc Andreessen is weighing how the rise of crypto and blockchain compares to the early days of the internet.

In an interview with the Bankless podcast, the co-founder of Andreessen Horowitz He says I have never before compared any new technological development to the rise of the internet until now.

“This is the only time I have said that this is like the Internet. If you go through all of my historical statements, one would imagine that in my experience I could have said this like 48 times. I have never made the comparison before.

I’ve never said that about any other kind of technology. I never said it about anything else between the original internet and then the rise of cryptocurrencies, because I just wanted people to know that I don’t take the comparison lightly.”

Andreessen explains that beyond the technology itself, blockchain is bringing together many of the world’s brightest minds to solve problems and challenge critics.

“The easiest way to think about it is, when you get something like this that has a movement, that has this kind of collective effect and has a movement behind it, and it’s attracting a lot of the smartest people in the world to work on it. , basically the critics develop differently than the critics think.

The critics make this long list of all the problems, but they are getting these genius engineers and entrepreneurs. [who] flood the space What happens is that they look at that list of problems as a list of opportunities…

It would be like having a home project. [that] I was going sideways and you get all these complaints, and then all the best architects and builders in the world show up the next day to fix up your house. Suddenly you have the best house in the world. This really can happen and in this kind of world.”

Andreessen, whose venture capital firm has just thrown out a $4.5 billion digital asset fund, says Web3 is bringing trust and economic utility to the internet, something that was missing in the late 1990s.

“What were we missing? The other side. Therefore, we lacked trust, authority, permission. We lacked the ability to transact with people for trusted relationships, transact, send money, store money, and then have all the other economic arrangements that the world wants to have. [such as] loans and contracts and insurance and all these all these other things.

We just didn’t have any of that, which is why this other side exists. The way I think of it is that Web3 is bringing trust to an untrusted network.”

The entrepreneur concludes by contemplating the long-term effects of Web 3.0.

“In reality, we could imagine the entire global economy running on the blockchain in 30 or 50 years. Everything gets cut off and what would it mean for that to happen, and how would people have to feel about it? That’s a very different kind of problem than we had.”

EITHER

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