Crypto

We have been following the crypto-space since 2014 and have seen multiple booms and busts.

We believe that future growth in this space will require users to see value beyond speculation and fundraising activities.

Cryptocurrencies and cryptoassets allow individuals to operate largely outside of the traditional financial system and are digital native assets. Video games will probably be the first use cases of crypto-tokens and will allow users to monetize their in-game assets like never before.

The capabilities of cryptocurrencies to be resistant to the trends in the overall economy are questionable. They can serve as alternative units of value but will remain volatile until they become more of a unit of account (similar to fiat currencies). Bitcoin is seen as a quasi-reserve crypto-currency due to its first-mover advantage but newer tokens and currencies will allow for features that Bitcoin will never offer natively.

Thus, as this space continually evolves, we will be adjusting our expectations accordingly. We see lots of value in the future and think that both current cryptocurrencies and new ones that haven’t been created yet will both accrue some of this value.