The Silicon Valley venture capital firm Andreessen Horowitz has raised $300 million to invest in the cryptocurrency marketplace through a new dedicated fund.
In a CNBC interview Charles Dixon said that the firm’s plans with the $300 million is to use it for investing in well established coins such as Bitcoin, Ethereum and Litecoin and will hold hold those investments for the long haul. Dixon says the plans are to continually and aggressively invest into the fund no matter what’s going on with the marketplace in regards to prices.
"We've experienced ups and downs in the cryptocurrency market, and expect there will be many more," Dixon said. "There's potential in the technology, and some of the downturns can be the best investments."
Andreessen Horowitz first began investing into Bitcoin in 2013 with Coinbase and has continued to invest into other cryptocurrencies ever since without selling. "There are wild fluctuations in the price, and we see that as an opportunity, we've been unphased and investing consistently over time,” Dixon said.
In regards to the current market, Dixon says 2018 is definitely the time to buy and further added that we are in the early stages of the cryptocurrency movement.
The firm has also hired on their first female general partner by the name of Katie Haun. Haun is a former U.S. Department of Justice prosecutor and worked with the Justice Department's cryptocurrency task force, having a part in prosecuting the Silk Road website operators. Haun is also on Coinbase's board of directors as well as being as lecturing a class at Stanford University on digital currency and cybercrime.
While Haun might have been a federal prosecutor going after illicit cryptocurrency use, she has really big hopes for it. She said, "We want to see crypto move on beyond speculation phase and see it solve eventually billions of real-world problems."