Why Crypto Valuations Don’t Add Up

This week, Santi joined Jonah & Avi on the 1000x podcast to discuss Bitcoin breaking $95k, why crypto valuations are struggling, how AI and traditional markets offer better value and clearer cash-flow stories, and why the next era of winners will be real applications, not infrastructure. Enjoy!

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Timestamps:

(00:00 Introduction

(01:11) Crypto’s Valuation Problem

(04:41) Crypto vs the Stock Market

(07:55) Crypto’s Valuation Problem Cont.

(12:49) Ads (Zcash, Katana)

(14:03) Is This Time Different?

(18:19) Valuations vs Active Users

(21:33) Future of Blockchain

(25:12) Bitcoin vs Crypto

(29:07) Crypto Needs Cash Flows

(32:24) Ads (Zcash, Katana)

(33:38) Underwriting New Chains

(40:52) Western Union Thesis

(43:58) Equity vs Token Holders

(46:30) The Future of Blockchain Investments

(49:46) Missing the Forest for the Trees

(54:06) Ads (mantle)

(55:05) Still Bullish Bitcoin

(59:20) Institutional Interest in Crypto

(01:05:26) Final Thoughts

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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.