The Crypto VC Market

Ben: I'm really curious to get your thoughts generally overall on the crypto VC market. There's been roughly like $85 billion invested in crypto VC for the past like 13, 14 years. About 60 billion of that 85 billion was invested in the past two years. If you assume that 60 billion bought like 10% of these companies, that's like $600 billion of kind of private company market cap that's been created in crypto over the past 2 years. And my sense is there's probably 400 billion say two thirds of unrealized mark to market impact on those on the privates that have been deployed.

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