TLDR Tech / Crypto
Money & Ideas in Crypto
Crypto venture activity has contracted sharply since 2021, with founders migrating to AI, token returns compressing, and LP allocations shrinking, prompting funds to exit, broaden mandates (Paradigm rebranding to "frontier technologies"), or hold focus. There is a case for staying in crypto, as AI venture is the most competitive market in two decades and industrial/deep tech is capital-intensive in ways that don't suit crypto-native investors. The bull case rests on adoption metrics: non-USD stablecoin float remains negligible and roughly 95% of financial system migration to crypto rails is still ahead.
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