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20VC Crypto Roundtable: How Will US Elections Impact Crypto? Why Will Trump Lean Into Crypto in 2024? Should FTX Investors Have Known About SBF? Will Opensea Ever Be Worth $13BN Again? Will NFTs Come Back with Kyle Samani and Nick Tomaino
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Evolution of Crypto: From Speculation to Economic Empowerment
This chapter explores the speculative nature of cryptocurrency investments and their potential evolution toward more productive economic activities. The discussion highlights the benefits and risks of speculation, emphasizing the necessity for sustainable developments in the crypto space.
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Speaker 3
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Speaker 2
most known for hi everyone my name is kyle simani i'm a co-founder and managing partner at an investment firm called Multicoin Capital. We are six years old. We run a hedge fund and a series of venture funds focused on the crypto space. We manage a few billion in assets across those vehicles, and we are probably most well-known for our salon investment. Nick,
Speaker 3
over to you. Same question. What are you most known for and who are you i'm
Speaker 1
nick tomaino i run one confirmation early state trencher fund what am i most known for really what i'd like to be most known for is just someone who cares a lot about crypto maybe played a small role in bringing crypto to more people in the world so
Speaker 3
i'm going to start off from a high level and i'm going to specialize in asking stupid questions saying you can provide the wisdom so if we can dig crypto is largely about speculation today and my first question was will crypto grow past speculation into something more and i want to offer that as a free-for for anyone to grab first off the one right answer to your question is yes the more nuanced answer is a
Speaker 2
the speculation can be channeled productively and i think that's underappreciated d pin is really the kind of torchbearer, I think, on that front, where you can keep the collective hive mind of people doing stuff in the real world and funding that collectively and produce real economic output that's tangible and measurable. beyond speculation is DeFi payment rails are objectively better than traditional rails. And you will see economic activity move off of traditional regulated rails to DeFi rails over time. That will take a while, but it will happen. When
Speaker 1
most people say speculation, they say as a negative thing, like crypto is all speculation. That's a bad thing. I actually think it's a really good thing. There's a lot of people in the world that are disenfranchised by the existing economic systems. And crypto is like permissionless speculation that anyone can participate in, in kind of new financial systems. Speculation is a very good thing for the world. And it's actually really empowering a lot of people that have been held back by kind of the existing power structures. That said, excessive speculation can clearly be bad, right? And we've seen a lot of bad things happen in the past 10 years by excessive speculation. So we certainly need to see products emerge past just pure financial speculation. And that's really what we're focused on as a fund, trying to find what those are going to be. I think for us, the past six or seven years has been, you know, investing in the speculation kind of use cases. And that's done well, obviously. But, you know, the next 10 years is going to be about like, you know, beyond speculation is how we think about it.
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