A bitcoin investor in London says the digital currency has the potential to disrupt the financial services industry and has the power to shake up the global economy.
The founder of Bitcoin Investment Trust (BIT), Andreessen Horowitz CEO Vinny Lingham, recently announced he will join the board of Facebook.
The venture capital firm also plans to launch a $100 million fund aimed at backing bitcoin companies.
Lingham said in an interview that he wants to see the currency take on a bigger role in global commerce.
“I think the bitcoin is a disruptive technology, but it has a very high growth potential,” he said.
“The future is very exciting, but I’m not sure that it has the scale or the potential of a bank or a corporation.”
The founder and chief executive of BitPay, the company that provides bitcoin payment processors, also has ambitions to disrupt commerce.
He told CNBC in an article published on Monday that bitcoin’s growth will be fuelled by digital commerce.
The value of bitcoins has grown over the past year by nearly a quarter, to around $2,500.
The technology is an open-source software protocol that allows people to create and transfer value, and has become popular among libertarians.
The virtual currency has also attracted attention from regulators and politicians as regulators around the world are increasingly concerned about money laundering, terrorism financing and cybercrime.