Coinbase Markets Podcast Special Guest Richard Galvin, DACM’s Executive Chairman & CIO
Jan 20, 2026
Richard Galvin, Executive Chairman and CIO at Digital Asset Capital Management, brings a rich background from Goldman and J.P. Morgan to the crypto landscape. He shares insights on how his TradFi experience informs DACM's investment philosophy. Galvin discusses positioning in BTC and altcoins while outlining top risks for 2026, like evolving regulation and market dynamics. He likens the upcoming cycle to the early 2000s internet boom, emphasizing a focus on application-driven growth and advising allocators to consider innovative exposures in crypto.
AI Snips
Chapters
Transcript
Episode notes
Crypto Is At A 2003 Internet Moment
- Richard Galvin compares crypto's present phase to the internet in 2003, where infrastructure is built and user growth can now scale.
- He argues the next 3–5 years will shift value from protocol infrastructure to user-facing applications as adoption accelerates.
Applications Are Undervalued Relative To Revenue
- DACM sees applications generating ~60–65% of crypto revenue while representing only ~7% of market value at end of 2025.
- They view the application layer as massively underrated and expect migration of value from infrastructure to apps.
Regulation Will Follow Utility, Not Kill It
- Galvin expects regulation to follow technology and be ultimately supportive once crypto reaches critical user scale.
- He argues governments are unlikely to ban services that deliver clear utility to large voter bases.