I think part of it is that they were enthusiastic for blockchain as a backdoor into the liminal space between crowdfunding and VCs. They even reconfigured thems

I think part of it is that they were enthusiastic for blockchain as a backdoor into the liminal space between crowdfunding and VCs. They even reconfigured themselves legally in anticipation of this shift. I think if cryptos had worked out as they hoped, they would have been the next wave of Ventures, but without any pesky accredited investors limits, which is probably great if you're a16z—lots more opportunity to pump valuations and exit early if the things are looking bad from your board seat. So I’ve always viewed their enthusiasm for crypto as both more genuine and more cynical than they get credit for: genuine in that they really did expect this to become the new mechanism for venture investing, cynical in that it represented the perfect opportunity to introduce more bag holders to the game.