Marc Andreessen Is Going To Invest 'Hundreds Of Millions' More Dollars In Bitcoin

The Wall Street Journal's Gregory Zuckerman reports Andreessen Horowitz plans to invest "hundreds of millions" more dollars in Bitcoin-related businesses, on top of the $50 million they have already dropped, mostly on Coinbase.

Bitcoin prices have lost nearly 50% of their value over the past four months or so, and now trade at around $570. Analysts from Goldman Sachs recently cast doubt on the viability of the digital currency itself, though added its underlying technology may yet prove useful.

Andreessen says he's unfazed:

Mr. Andreessen says he is convinced of the bright outlook for digital currencies despite setbacks such as the collapse last month of Tokyo-based Mt. Gox, one of the most prominent bitcoin exchanges, which said it lost hundreds of millions of dollars worth of the virtual currency. 'I'm completely unfazed and plan to invest more," he said in an interview with The Wall Street Journal.

Andreessen is not the only big-time investor who remains bullish on Bitcoin: SecondMarket's Barry Silbert announced this week he is aiming to launch an over-the-counter Bitcoin ETF that would challenge the one announced - but as yet unrealized - last year by the Winklevoss twins.

Read the full story at WSJ.com »

Disclosure: Marc Andreessen is an investor in Business Insider.

Disclosure: Marc Andreessen is an investor in Business Insider.