So much of crypto is not even real—but that’s starting to change
We spend a lot of time on the road meeting with LPs, fellow investors, and founders. No matter where the conversation starts – whether it’s in Singapore, Abu Dhabi, London, or anywhere else – it often drifts to a simple, sometimes rhetorical question: Is any of this real?
It’s a fair question. Crypto has become a strange reflection of our economy and society more broadly: part financial spectacle, part social experiment, part collective delusion. For every breakthrough in cryptography or blockchain infrastructure, there are ten new ways to speculate. The mood across the ecosystem has shifted. It’s not outrage or denial anymore…it’s fatigue.
Over the past few years, crypto has rotated through one speculative narrative after…
