Recent figures reveal that bitcoin has grown 25 per cent faster than the internet did in its early stages and investment in the digital currency is set to reach $800 million this year.
International Business Times UK explore data compiled by PricewaterhouseCoopers and CoinDesk which highlighted that bitcoin investment will double year on year from 2014, and this figure includes the $116 million raised by cryptocurrency startup 21 Inc.
Alongside this, spending on bitcoin has overtaken what was spent on the internet and Marc Andreessen from Andreessen Horowitz explains that this is because both can be described as fringe technology. “In 1994, as a venture capital firm, it would have been a good idea to take the internet seriously and it would have been a good idea to invest in a cross-section of companies,” Andreessen says.
As well as 21 Inc, IB Times UK mentions other notable investments such as $28 million in Ripple Labs, $50 million in Circle and $75 million in Coinbase meaning that this is the second year that bitcoin has surpassed internet spending.
The report also states that the reason why bitcoin is becoming more and more popular is because its stability ensures its use as a currency. However, merchant interest in bitcoin remains at 50%, according to IB Times UK.
This article was first published in Treasury Insider.
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