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Author: Yogita Khatri, The Block; Compilation: Tao Zhu, Bit Chain Vision Realm
In the past few days, the crypto world has set off a whirlwind. After Donald Trump won the election, the price of Bitcoin exceeded the $ 93,000 mark.Recalling that for the first time I started writing about cryptocurrencies in 2018, I felt crazy when I saw that the price of Bitcoin was only about 3,000 US dollars.But we are here to witness the future development.
I talked with more than a dozen cryptocurrency venture capital investors. Although Trump’s victory and the rise of Bitcoin brought about the excitement, it was undeniable, but most people insisted on their long -term plans.In other words, some people are adjusting their methods to pay more close attention to the new trends and changes in political and market structures.
“I think it’s correct to be ecstatic in this industry,” 1kxThe founding partner Lasse Clausen told me.”You must be insiders in the industry to truly understand the scale of the last government’s destruction of innovation. Therefore, since the founder can try again, it is still an exciting product that the industry will create how much this industry will create.”
a16z cryptoOrdinary partner Arianna Simpson agreed with Clausen’s point of view and pointed out“In the past few years, challenges are challenging for the encryption industry.”However, sheIt is expected that “major policy changes” will be greatly conducive to Web3 builders and companies.
In view of the clarity of the Trump administration’s estimated cryptocurrency supervision, investors expect more founders to start in the field of Web3.Earlier this week, Evan Fisher, a former investor Evan FisherPortal Ventures raised $ 75 million for its second fund. The fund managed more than $ 80 billion in asset management scale (AUM), which will invest in start -ups of cryptocurrency seeds.Fisher told me that he predicts that those who had sold their business and settled hundreds of millions of dollars, but hesitated whether to enter the cryptocurrency field due to legal and regulatory risks, and now the regulatory environment has eliminated risks and began to enter the field.”We will see that high -level founders start to enter the cryptocurrency field.”
CoinfundFounder, management partner and CEO Jake Brukhman told me that his companyHe is preparing for the “super cycle” of the encryption market.Brukhman said that COINFUND has sufficient capital in seeds, venture capital and liquidity investment projects, and added that the company has recruited 6 new employees this year and has expanded the investment team. Five of which have been in the past two to three months.Add.
Betting on cryptocurrency artificial intelligence, DEFI, etc.
Looking forward to the future, cryptocurrency venture capital companies will set their sights on high potential areas such as artificial intelligence, DEFI, real -world assets (RWA) tokens, infrastructure, stablecoin, and payment.
Many investors see the cross -currency and artificial intelligence as the next change.ED ROMAN, co -founder and management partner of Hack VC, described the encryption artificial intelligence as “the most controversial most sexy category in the current encryption field” and imagined a multi -layer Web3 AI stack.efficiency.“When serving Web2 customers, this is a market worth millions of dollars,” Roman said.”Artificial intelligence is not a fashion (like NFT). Artificial intelligence is creating real business value, and it may be the most important technological innovation since mobile phones and the Internet.”
However, Roman said that the health status of encrypted AI categories depends to a large extent on the health status of the Web2 AI category, which is inspired by Nvidia.Therefore, Hack VC is closely paying close attention to NVIDIA as the “loose agent” of encrypted artificial intelligence.
Balder Bomans, chief information officer and executive partner of Maven 11 Capital, also saw that encrypted AI startups are growing, especially favored by the AI -drive DEPIN protocol provided by AI model training.Coinfund’s Brukhman added that most retail investors who want to contact artificial intelligence may be realized by cryptocurrencies next year.”Artificial intelligence coins are scarce, but demand is very large. In the summer of 20125, it is the summer of decentralized artificial intelligence (Deai).”
Another point that investors pay attention to is that with the improvement of institutional adoption rates, Defi recovers.Hack VC’s Roman pointed out that DEFI has recently suffered losses due to high interest rates, which makes the US treasury voucher more attractive.However, Roman added that Trump’s expected interest rate cuts may make DEFI more competitive than traditional financial (Tradfi) tools such as Treasury vouchers.He regards DEFI as the “opportunity to simplify financial”.
Clausen of 1KX pointed out that the TRADFI agency may now be committed to introducing RWA into the chain and using DEFI infrastructure on a large scale.Clausen said: “Think about how bad the transactions in Tradfi are in trading, liquidation and settlement, and the decentralized exchange transaction is a three -in -one real -time transaction, there is no risk of opponents, and there is no open -verified exchange exchange.Operator fraud. “” This is like fishing with explosives; this is even unfair. “
Nomad Capital Management Partner and former Binance executive EricK ZHANG also believes that DEFI is expected to achieve growth, especially in the case of the re -active challenge facing the cottage coin and the centralized exchange.
THOMAS Klocanas, ordinary partners of Galaxy Ventures Will Nuelle and Blocktower Capital, also foresee the expansion of DEFI, RWA tokenization, stable currency and payment.
“After Trump took office, it was clear that one of the biggest obstacles to the use of stablecoins in the payment field -the banking relationship with the legal system interface -it became easier,” Nuelle said.“We hope/expect banks to provide legitimate cryptocurrency services will not worry about revenge from the Federal deposit insurance company (FDIC) or other institutions. This should reduce the ability to integrate banking and significant use of cases.”
Applications and infrastructure categories for consumers have also attracted more and more attention.A16Z Crypto’s Simpson said: “I am particularly excited about the take -off of cryptocurrency consumer applications, because this category is particularly unfavorable to the upcoming government policy.”interest.”
Borderless Capital partner Alvaro Gracia also emphasized that as Bitcoin leads the position of Bitcoin to cottage, the potential growth of the DEFI and DEPIN fields.Gracia manages a $ 100 million DEPIN fund. She is still optimistic about this category and pointed out that the fund is still available for about 70 million US dollars and will be deployed within the next two to three years.
1KX Clausen added that infrastructure, middleware and consumer applications are the key categories of his company, especially consumer applications that require bank integration, and these applications have previously been hindered by regulatory restrictions.
Adam Winnick, the general manager of Finality Capital Partners, is optimistic about the vertical industry of infrastructure, emphasizing that re -pledge and zero -knowledge technology startups are focusing on the field of attention.Gumi Cryptos Capital Management Partner Miko Matsumura said he focused on the “middleware” infrastructure project aiming to solve the “normal problem of ordinary people” rather than solve the “encryption problem of encrypted people”.
At the same time, for some investors, infrastructure is not so exciting.Maven’s Bomans pointed out that the company has shifted to the application -level investment in the past 12 months, because the rise of the strong overall chain and the continuous improvement of the modular stack have eliminated large -scale expansion bottlenecks.
Portal Ventures’s Fisher said his company has always lacked infrastructure projects, but favored a commercial startup with obvious distribution advantages and strong user needs.
The Nomad Capital’s ZHANG also mentioned that the company’s way of deploying capital on infrastructure projects (especially first and second -level networks) is more cautious.”Most infrastructure projects are essentially ‘infrastructure causes’, and their success often depends on the effective management of narrative and brand capabilities,” he said.”However, the team that can perform well in this unique dynamics is still limited.”
Risk of the Trump administration
Although Trump’s presidential term has brought new optimism to the cryptocurrency field, several venture capitalists warned that it may affect the potential risk of the development of the industry.
1KX Clausen expressed concerns about Trump’s immigration policy,It is believed that the decrease in labor supply may lead to rising wages, which may be unfavorable to risk assets such as cryptocurrencies.
Nuelle of Galaxy VenturesPoint out,If “Trump has become too liable for the encryption industry”, it may repeat the failure of FTX.He said that balanced two -party legislation and the overall clarity of the status of digital assets will create the most stable long -term value.
Zhang of Nomad Capital emphasized that if Bitcoin becomes a bold proposal such as US currency, the “Trump Effect” may lose motivation.Strategic reserve assets failed to be fulfilled quickly.He said that unrealized expectations may weaken market enthusiasm.
Hack VC’s ROMAN also said that one of the most important suspension is: Will the United States actively reserve new Bitcoin, or simply hold the existing detained Bitcoin?No matter what kind of result, it may be the victory of cryptocurrencies.Actively establish Bitcoin inventory, which may become a new standard, affect other countries and affect their policies, which will be a more significant victory for cryptocurrencies.
