WSJ’s Paul Vigna explains what went wrong. Illustration: Jacob Reynolds As cryptocurrency prices soared last year, no investor bet more on the sector than Andreessen Horowitz.

PAUL AND JODY Andreessen were high school sweethearts. The pair met at Lancaster High School, the same high school their sons, J.D. and Joe, attended and played sports.

The opposing paths taken by two powerful firms — Benchmark and Andreessen Horowitz — embody a profound debate about the future of an industry that funds and fosters American innovation.

Andreessen Horowitz, one of the largest VC investors in A.I., ... Photos by Phillip Faraone/Getty Images for WIRED and Paul Chinn/The San Francisco Chronicle via Getty Images.

Family and friends of Bills linebacker Joe Andreessen. His mom Jody, dad Paul, uncle Scot, aunt Connie, cousin Carter and his best friend Ben were all there on Saturday when Andreessen and the ...