Andreessen Horowitz is betting on crypto to break up the excessive concentration of Big Tech power that the firm played a prominent role in creating, according to Chris Dixon, founder of Andreessen’s crypto arm.
“I don’t think that any of us expected this level of concentration,” he told the Financial Times’s Tech Tonic podcast. “I don’t think this is a good outcome, both societally and from a business point of view, because our business is investing in entrepreneurs . . . the idea of having the internet controlled by five companies is very bad for entrepreneurs and bad for VCs.” His comments come as the firm is seeking to hone a new investment strategy built around cryptocurrencies and digital tokens to replace the traditional equity investments made by VC firms and create a new, community-led model for investing in high-growth start-ups.