Larry Cheng

And I do think there are practical applications.

Probably the most...

likely and most bullish on is just the use of stable coins for international money transfer.

That's a slow, expensive, complicated process.

And I think that's where the combination of crypto and blockchain can do very basic business things like make a transaction cheaper and faster.

And that's what it needs to do.

I think there is utility for certain currencies as

an inflationary hedge.

And as in the same way gold is, you could say gold is not a cash producing a yielding asset.

But I mean, it's gone on a bull run the last couple of years, but it's always been occupied a space.

I think there's space for that in crypto.

There's a lot of junk in crypto.

There's a lot of stuff that's going to be worth nothing and already is.

And and so that's that's sort of the nature of speculation in an early market.

Well, it's interesting if I extrapolate up, I have seen more companies, AI companies,

in the last 10 months that I would say have gotten to 10 million in revenue with less than 10 employees in probably less than one year being in market than I have in my entire career.

It is shocking and that's all on the rails of AI and there's a huge amount of experimental spend in everything and what's challenging for us as investors is we don't know what's gonna stick and whatever is working, there's 50 competitors along the same lines.

And the way I think about it is not dissimilar than how you might think about crypto or just any other businesses, is set aside the revenue growth because there's so much experimentation happening.

Who is solving a real long-term business problem or consumer problem well?

And who is doing it in a way that builds a moat for your business?