Silicon Valley Crypto Fund Raises $4.5 Billion For Bargain Hunting in Down Market
Amid a crypto market slump, a Silicon Valley firm, Andreessen Horowitz, announced it will start a new $4.5 billion fund to back crypto and blockchain companies. This fund now represents the fourth Andreesen fund in the space, increasing its total investment to $7.6 billion.
Andreesen famously launched its first crypto fund back in the summer of 2018 after the price of Bitcoin took a nasty downturn, falling roughly 65% from its late 2017 highs near $19k per coin.
Arianna Simpson, a general partner at Andreesen Horowitz said, “Bear markets are often when the best opportunities come about, when people are actually able to focus on building technology rather than getting distracted by short-term price activity.”
Should Andreesen see the same results they saw after their initial crypto fund was launched – with BTC around $6,500 – it could represent a massive gain for investors in the fund.
Read more about Andreesen Horowitz’s new $4.5 billion crypto fund, HERE