Bitcoin's rise could help lead to the creation of a so-called "decentralized internet" that could take power away from large technology firms, two venture capitalists told CNBC on Thursday.
The internet works thanks to large centralized services such as server owners, cloud providers, search engines and social media. As a result, many internet giants are dominant in their respective area of the internet.
A decentralized internet promises to spread the running of these services across users. So, a number of independent machines would power services across the web.
The money pouring into cryptocurrencies like bitcoin is helping to bring resources to developing a decentralized internet, according to Hemant Taneja, managing director at U.S. venture capital firm General Catalyst.
"The underlying reason for cyrptocurrencies is about building a decentralized internet. And I think that's a profound reason," Taneja told CNBC in an interview at the Slush technology conference in Helsinki, Finland.