Andreessen Horowitz founders break rank to endorse Trump due to his support for Bitcoin, AI Andreessen Horowitz founders break rank to endorse Trump due to his support for Bitcoin, AI
The decision marks a significant departure for Andreessen, who has a history of endorsing Democratic candidates.
2 min read
Updated: Jul. 17, 2024 at 10:15 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Marc Andreessen and Ben Horowitz, co-founders of the prominent venture capital firm Andreessen Horowitz (a16z), have publicly endorsed former President Donald Trump due to his supportive policies regarding technology, including crypto and AI.
The two founders announced their support on July 17 during an appearance on “The Ben & Marc Show” podcast. The decision marks a significant departure for Andreessen, who has a history of endorsing Democratic candidates.
The endorsement is based on the belief that Trump’s policies are more advantageous for the technology sector and comes amid increasing support for the former President in Silicon Valley.
Horowitz acknowledged the controversy their political stance might generate, saying:
“I wish we didn’t have to pick a side.”
However, he also emphasized that the future of their business and American technology is at stake. The co-founders further argued that technological innovation is crucial for the US to maintain its economic and military dominance.
Andreessen Horowitz, founded 15 years ago, manages over $42 billion in assets, making it one of the largest venture investors in Silicon Valley.
Biden policies under fire
The a16z co-founders said during the podcast that Trump’s stance toward technology is generally more favorable than the Biden administration, especially regarding artificial intelligence (AI) and crypto regulation.
They also criticized the current regime for excessive regulation and unnecessary taxation that stifles startup growth. Andreessen expressed particular concern about the Biden administration’s approach to AI regulation, fearing it could disadvantage the US compared to global competitors.
Horowitz recounted a recent dinner with Trump, during which the former president emphasized the importance of winning the AI race against China. He said:
“What he said to us is, ‘[AI] is very scary, but we absolutely have to win because if we don’t win, China wins.'”
The co-founders also praised Trump’s support for the crypto sector, contrasting it with what they described as punitive tax policies under Biden.
They added that they specifically oppose the proposal to tax unrealized capital gains, arguing that it would harm startups by taxing them on valuation increases that are not liquid.
Shift from Democratic roots
Marc Andreessen’s support for Trump signals a major shift from his longstanding Democratic affiliations. Historically, he has backed a series of Democratic candidates, including Bill Clinton, Al Gore, John Kerry, Barack Obama, and Hillary Clinton — reflecting his alignment with their policies in the past.
However, his current support for Trump is driven by a belief that the former president’s policies better support the tech industry’s growth and innovation.
Andreessen and Horowitz highlighted that technological prowess, along with economic strength and military capability, has been essential for US supremacy over the past century.
They credited America’s technological edge for its peaceful victory over the Soviet Union during the Cold War, highlighting the strategic importance of tech in national security.
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
a16z
Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley specializing in investing in seed, start-ups, early, mid-stage, growth, and late stage.
Marc Andreessen has solidified his position as a formidable force in the technology and venture capital sectors as the co-founder and general partner of Andreessen Horowitz, a prominent venture capital firm.