Empire

How to Position for a New Crypto Bull Market | Ben Forman and Jason Kam

7 snips
Oct 27, 2023
Jason Kam, Founder of Folius Ventures, and Ben Forman, Managing Partner of ParaFi Capital, discuss the recent crypto price action, the potential of an Ethereum ETF for DeFi, gaming and prediction markets driving adoption, tokenizing real-world assets, the macro landscape, opportunities in liquid and illiquid markets, growing institutional interest, and the early innings of a new bull market.
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INSIGHT

ETF Progress As A Market Catalyst

  • Bitcoin spot ETF progress is a major catalyst that could unlock institutional demand and lead market cycles.
  • Every BTC price move tends to create value that rotates into altcoins and venture, amplifying market breadth.
INSIGHT

The Real Investable Market Is Tiny

  • The investable liquid crypto universe is much smaller than headline market caps once you remove BTC, ETH and stablecoins.
  • Deep fundamental work is required to find diamonds because many liquid tokens remain quasi-uninvestable.
ADVICE

Invest With Structural Safeguards

  • Be valuation-sensitive and demand alignment across equity and token layers when investing in early crypto projects.
  • Insist on governance and information rights and diversify to account for high failure rates and power-law returns.
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