Marc Andreessen Equates Early Internet Days to Crypto

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Marc Andreessen faced intense headwinds and ridicule when he started Netscape in 1994, considering the novelty of such a project at the time. Charged with a dream and youthful exuberance, Andreessen refused to give in to the naysayers and forge ahead with Netscape, one of the earliest internet-focused companies.

Until 1993, commercial activities on the internet were illegal, which meant no online businesses existed until that year. This made gaining customer trust for Netscape, which aimed to “make the Internet a commercial medium,” difficult.

The company was labeled as munitions by the US government because it utilized encryption. For that reason, Congress believed that only bad actors would want to use encryption, further frustrating Netscape’s efforts.

Andreessen argued this claim, noting that encryption plays a critical role in online activities, like securing credit cards online. However, he was laughed at because most people believed that no one would ever trust the internet with their credit card details or private information.

Today, Andreessen has been vindicated following the all-around disruption the internet has introduced. He is also a billionaire tech investor, thanks to his a16z fund.

Marc Andreessen Makes Distinctions Between Early Internet Days and Crypto

Andreessen is also a crypto bull and a vocal supporter. In a recent podcast, he asserted that the early days of the internet and crypto shared numerous similarities. Explained below are three major takeaways from his explanation:

Firstly, Andreessen claims that all the problems we see in crypto today are the same ones recorded in the early internet days. He explained that encryption was only a small part of the obstacles to the internet, noting that there were numerous restrictions to mass adoption of the internet.

Secondly, he explained that while few saw the opportunities the internet presented, most people at the time were dismissive of the technology due to the problems that plagued it in its early days. While they were right at the time about the need to fix the problems, they were sorely wrong for dismissing it. Andreessen argues that the same can be said of crypto today.

Finally, he argued that thirty years from now, blockchain would be an integral part of the global economy, making cryptocurrency the greatest asymmetric bet in all of human history.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.