When really smart people talk you should take notice. Andreessen Horowitz, arguably the most successful VC firm in the world, and Benedict Evans (a general partner in the firm) compare today’s crypto sector to where the internet was in 1993. The whole crypto sector is just starting to ‘sprout,’ not unlike the initial internet sector in 1993-1999. Don’t focus on the negatives (failures, fraud, etc) since every new innovation goes through the same growing pains. Rather, quoting Mr Evans:
“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. But dismissing crypto as a useless scam is much like looking at Usenet, Cuecat and Boo.com and dismissing the internet. It mistakes applications for the enabling layer.”
Bill Taylor/ Fintek Capital
“Benedict Evans, a general partner at Andreessen Horowitz (A16Z), one of the most successful venture capital firms in the world, has said that crypto is quite similar to the internet in 1993.
As with any other emerging technology or market, the cryptocurrency space has seen a large number of failed projects and scams over the past several years.
However, according to Evans, if investors focus on the failed projects and fraudulent operations in the exponentially growing cryptocurrency sector, it would be like dismissing the internet in 1999 based on the lack of progress of Usenet, Cuecat, and Boo.com…”