Cosmo Jiang

When I think about diversification, I think about it as not just about owning more things, it's about owning different drivers of return.

So you have different things contributing to your portfolio.

From that perspective, it's like, why would I want to own different drivers of return?

Well, either because A, they're uncorrelated, or B, they offer something really compelling from a growth perspective.

And I think crypto has elements of both.

When I do think of digital assets, I think about it in two large buckets.

There's Bitcoin, and then there's everything else, which is blockchain and technology.

That's Ethereum, Solana, all these other tokens.

And the reality is they both have pretty different drivers.

Now, there's cryptocurrencies and then there's protocols that represent units of value.

And so cryptocurrencies are kind of different.

You need to put on your macro hat and there's not really any fundamentals to talk about there.

It's just like there aren't fundamentals for gold other than technical flows.

So some of the things that we're most excited about, and as we get beyond, as you say, you know, layer one protocols like Bitcoin, Solana, Ethereum, are really...

a lot of the applications that are now being built on top of these base layers.

So things like decentralized finance, which is effectively recreating our financial rails, except on blockchain rails.

We find that extremely exciting.

As we move beyond DeFi, there's a lot of other surface areas that we think are really interesting to explore.

One area in particular that

I'm spending a lot of time in that Pantera is spending a lot of time in is all the way that blockchain really uniquely enables AI adoption.