Wild Wild Money

Most people think crypto is mid-cycle with room to grow.

This is wild to me. Frustration with memecoins and availability bias from years of struggles are keeping people from seeing the forest for the trees.

Crypto deregulation, government adoption, institutional adoption, AI agents, Layer 2s, and other new infra are all potential step changes. We don’t yet know how any of this will play out, but their convergence feels like the beginning of something much bigger. 

I’m team supercycle here.

There were people 4 years ago saying it was a supercycle, and there will be people 4 years from now saying it's a supercycle. It's never a supercycle.