Why Is This Cycle Different? | Weekly Roundup
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Let me share another snippet from this conversation from this morning with this big asset manager. He's like three things, stablecoins, there's cash flowing protocols and applications, and Bitcoin has become digital gold. And there's a massive generation of, generational wealth transfer down to millennials and then eventually Gen z. And they're gonna buy Bitcoin, not not digital gold. And they're gonna want they're not gonna invest in the stock market. They're gonna invest in crypto tokens. He's like, that's what we care about. That is a twenty year bet. This episode is brought to you by Scale
am in a hotel. I'm traversing my way to DaaS. So I'm really excited to be here. You know, it's, I know where people want us to talk about macro prices of all over the place, and the sentiment on crypto Twitter is, like, terrible. Yeah.
You go back. Yeah.
It's it's just one of those times where, you know, crypto markets feel like like a a young teenage teenager that is, like, has zero patience. And if you don't give them candy, they just, like, start, you know, throwing a tantrum. But, you know, I was thinking about this this week. Like, there's just a lot of things to be excited about. It just feels like I mean, we're probably gonna see it in DAOs. Like, the amount of institutional interest in crypto is strong. It's just one of those weird moments in the market where everything's going down, not just in crypto. So it's like, you know, drawing
mean, okay. Not to not to not to turn this into a DAS ad, but I will. But but no. Actually, like, I think DAS is very indicative of the discrepancy in the different types of crypto markets. So if you look at crypto Twitter right now, like you said, like, giga bearish, and then I didn't I don't neither of us went to ETHDenver, but I heard it was, like, you know, very bearish, like, very, like, low vibes. Like, you know, people were, like, very disparate at side events. Like, I don't know what to build. The the investors, like, I don't know what to invest in. DaaS is again, this isn't actually j
mean, of course, like, you know, we we talk about in this podcast about narratives a lot, and I think there is there is this dynamic where the longer the longer time you spend in crypto and you go through a couple of cycles, you become cynical. And I think you should always be skeptical by default because, you know, it's something new, it has risk. It's it's when you're trying to disrupt something, in anything that you do, you have to be skeptical. I think it being a curious person, it also hand goes hand in hand with being skeptical. Like, you you ask questions, you question assumptions, like
the open. For that. Because if you saw how it's getting built, you'd never check
the building. Plumbing, and you don't wanna see the scaffolding, and you don't wanna see all the inner workings. And and I think it's like when you're building in the open, and when you're especially an open source system, you it's gonna get messy. Right? We're not a perfect industry, but, yeah, I think I think that we're at that moment in the a time where it's just easy to become cynical because prices are not going up and, you know, that that ultimately gets at people. But, you know, I I think, a lot of the institutional crowd like, if you've been working out of BlackRock or some of these pl
So let me share another snippet from this conversation from this morning with this big asset manager. I said, does does the how what is the impact of all these meme coins? And it feels like the industry is kind of, like, self immolating and, like, hurting ourselves,
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