• Marc Andreessen, founding partner of Andreessen Horowitz (a16z), is now more bullish on Ethereum and Web 3 than he is on Bitcoin.
• During an interview with ReasonTV, Andreessen discussed the future of crypto adoption and regulation, alongside the role of Bitcoin as money.
• According to Andreessen, crypto and Web3 represent a layer of trust that can be used to represent a host of financial assets such as money, claims of ownership, house titles, car titles, assurance contracts, loans, internet art.
Marc Andreessen’s Shift in Outlook
Once believing Bitcoin would be the second coming of the internet, the venture capitalist Marc Andreessen now views Ethereum as the foundation of the decentralized web. During an interview with ReasonTV published on Wednesday, he discussed the future of crypto adoption and regulation alongside the role of Bitcoin as money.
The Potential Of Crypto And Web3
Andreessen believes that crypto and Web3 represent „the other half of the internet,“ containing all of its functions people desire. This includes a financial layer of trust on which various assets such as money, claims or ownership rights can be represented. He stated that this layer allows businesses across the world to do business using blockchain technology.
Andreessens Predictions From 2014
Andreessens ideas weren’t entirely new; in 2014 he predicted a new generation of internet with wide-ranging applications forming on a platform called „distributed trust.“ His predictions came true to some extent when Ethereum was introduced in July 2015 as an open software platform based on blockchain technology for developers to build decentralized applications (dapps).
Crypto Adoption And Regulation
When asked about his outlook for cryptocurrency adoption and regulation moving forward into 2021 and beyond, Andreessen pointed out that governments are likely to adopt it at some point due to its advantages compared to traditional currency systems: it’s fast; there are no foreign exchange fees; it’s transparent; and it’s secure from counterfeiting or double-spending attacks.
Conclusion
In conclusion, Marc Andreessen has shifted his outlook regarding cryptocurrency from believing in Bitcoin being “the second coming” to now viewing Ethereum as being more promising due to its ability to provide a financial layer of trust that can be used for various assets including money. He also noted that governments are likely going to adopt cryptocurrencies due their benefits over traditional currency systems