Andreesen Horowitz announced a $4.5 billion USD crypto fund but since then, it has lost around 40% of its value.
👉 Background: Andreesen Horowitz is one of the most well known and respected venture capital firms in the world. Since in launched in 2009, it has made some pretty major investments in companies like Instagram, Slack, Airbnb and more recently Roblox and Coinbase.
👉 What happened: In May this year, Andreesen Horowitz, also known as a16z, announced a $4.5 billion USD crypto fund. But since then, the crypto fund has lost around 40% of its value in just the first half of this year.
👉 What else: And now a16z has come out telling investors that things may look real bad but it’s still good.. Be patient. HODL. We got this.
💡For the crypto true believers, this crypto winter is just a blip on the radar. The term 'HODL' or 'hold on for dear life' has been a famous saying in the crypto world for a long time, and now even the VC’s in the space are owning it.
💡And it makes sense why they need to think long-term because the crypto world has been ugly recently.
💡But A16z reckon they’re in it for the long haul. The big question on everyone’s lips is whether the faith shown in crypto's potential will cost them, and their investors, dearly. Or will give them the same success as some of their other, earlier investments.
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