Ep 29 - Kyle Samani on Why Bitcoin as Digital Gold Might Be a Myth

What if the popular belief that Bitcoin is "digital gold" is holding crypto back? Kyle Samani, Managing Partner at Multicoin Capital, unpacks why this analogy might be misleading and argues that utility—not nostalgia—will define the future of digital assets.

We trace Multicoin’s evolution, from its early experiments to backing Solana when it was dismissed by many. Kyle shares insights into the power of first-principles thinking, why they pivoted away from Bitcoin and Ethereum, and how to identify protocols that solve real problems.

Whether you’re an investor, founder, or curious observer, this episode offers a rare look into how a top crypto fund must challenge mainstream assumptions and spot not-so-obvious opportunities.

Chapters

00:00 Introduction to the DCo Podcast and Web300:58 Reflections on Early Bitcoin Predictions03:01 The Journey to MultiCoin Capital05:56 The Mechanics of Wealth Creation in Crypto08:49 The Role of Stablecoins in Wealth Distribution11:09 Transitioning from Ethereum to EOS and Solana18:01 The Evolution of MultiCoin Capital19:48 Market Dynamics and the Future of Crypto Investments22:08 Innovations in Layer 1 and Layer 2 Solutions24:01 Understanding MEV and Its Implications26:22 Value Accrual in Blockchain Systems28:18 The Moneyness Debate: Bitcoin vs. Ethereum30:46 Censorship Resistance and Usability in Cryptocurrencies32:41 The Future of Solana: Censorship Resistance and Economic Activity34:57 Institutional Adoption and Token Extensions49:43 Communication Skills in Fundraising and Investment Strategies