“Dismissing Crypto Is Like Dismissing Internet In 1993”

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Cryptocurrencies are here to stay – there is no doubt about that. Well, at least for most of us. The world is moving towards decentralisation – people have less and less trust in central banks, especially after the last financial crisis.

Of course, there are those, who call the end of cryptocurrencies, the death of Bitcoin etc. But there were also similar voices when the internet first appeared.

This comparison is actually accurate. Cryptocurrencies have the potential to influence the world as much as the internet did.

Benedict Evans, a general partner at Andreessen Horowitz (A16Z) venture capital firm, believes that cryptocurrencies are in a similar place as the internet back in 1993:

“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.”

Ben Horowitz, A16Z’s co-founder and a legendary VC investor, explained that the issue with emerging technologies is that they seem inferior to the existing tech at first. And that makes it easy to dismiss them straight away.

“Looking at crypto and seeing no use cases is like looking at the internet in 1993, when the web was 3% of traffic,” – said Benedict Evans.

This is a very interesting way to look at cryptocurrency. And it only makes us more excited about the future.

 

Images courtesy of Shutterstock.com

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