Ed Ludlow

So if you're going to step away and look at AI and we look at AI agents and for them to communicate and transact with each other, it's much more efficient.

efficient if they can do it in an on-chain environment.

Now, that's much further in the future.

We're starting to see tokenized securities.

We're starting to see real-world assets, so private credit going on-chain.

We're seeing money market funds go on-chain.

And we're going to continue to see already regulated assets moving on-chain and

ICE from the New York Stock Exchange has talked about their initiatives around tokenized equities.

So that's all happening, regardless of what happens to the Bitcoin price.

So we're really seeing the financial infrastructure being rebuilt by blockchain technology, which also powers Bitcoin.

I don't think either is going away.

I think we just have to separate the two.

And of note, stablecoins, which are run on chain.

Those were regulated by the Genius Act, which passed last year.

And then we've seen a proliferation of activity in that sector because of that regulation.

Do you continue to call yourself a crypto first VC briefly or do you become an AI VC?

Well, our thesis has always been around the intersection of blockchain crypto assets and AI forming the basis of the next Internet.

And we've seen the development of these different areas at different times.

I think they're all very important to our future.

I think that crypto side may take a bit longer to really form or validate itself in that narrative.