Accurate. 

That’s said, I think that people tend to go over the top in their criticisms of A16Z.

Their thesis is that tech makes the world better and that they can participate in the mission of making the world better by capitalizing new tech, and make money in the process. 

Despite being an amazing investment, Bitcoin doesn’t fit obviously into that model, and that’s fine. I imagine that Marc would say that Bitcoin can take care of itself. Reality will bring them round eventually on the shitcoinery.