Crypto Venture State of the Union | Haseeb Qureshi, Jordi Alexander, and Mike Dudas

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Jul 14, 2025

Guest

Mike Dudas

Haseeb Qureshi, Managing Partner at Dragonfly Capital, Jordi Alexander, CIO of Selini Capital, and Mike Dudas, Founding Partner at 6th Man Ventures, dive into the current crypto venture landscape. They discuss the surprising stability of crypto amid market chaos and evolving investor strategies. The trio explores the rise of stablecoins, the potential of crypto credit cards in emerging markets, and innovative developments in crypto and AI. Insights on yield opportunities and the future of Bitcoin and Ethereum highlight the promise of the sector.

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INSIGHT

Unusual Market Divergence

Crypto markets are unusually calm while public markets are irrationally exuberant right now.
This divergence is strange and unlikely to last, signaling shifting energy between markets.

INSIGHT

Shift in Crypto Investment Value

Crypto equity has appreciated more than tokens recently, changing investment dynamics.
Projects increasingly need credible value accrual mechanisms for tokens to justify investment.

INSIGHT

Stablecoin Market Growth Expectations

Public market enthusiasm reflects belief in future stablecoin market growth beyond current crypto use.
On-chain growth potential is questioned but may revive revenue focus shift if new use cases emerge.

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In this episode, Haseeb Qureshi, Jordi Alexander, and Mike Dudas joined us at Permissionless to explore the current state of crypto venture. We discuss the divergence between public and crypto markets, token value accrual, stablecoin infrastructure, sector-specific return dynamics, crypto credit cards, and the evolving crypto-AI startup landscape.Thanks for tuning in!

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(1:31) The Evolution of Crypto VC

(6:16) Internet Capital Markets

(12:10) Aptos Ad

(12:32) Liquid vs Venture Returns

(18:17) Will Stablecoin Chains Succeed?

(22:11) Ads (Aptos & Algorand)

(23:14) Crypto Cards

(30:27) Why Hasn't Crypto AI Done Well?

(44:10) Closing Comments

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.