Lyn Alden

I think part of it is the shiny object syndrome, partially for good reason.

I mean, AI has obviously captured a lot of mindshare.

I think that's a big factor.

And I think, broadly speaking, the lack of the crypto cycle this time probably weighed on it.

I think...

I mean, you know, I'm on record not being I'm pretty bearish on the broader crypto space structurally, but they tend to have a lot of capital.

And so they kind of fuel some of these cycles and they didn't really have a season at all at this particular cycle.

And I think if anything, they are weighing on kind of the quote unquote brand of Bitcoin.

When people, you know, when media and in general, when people talk about Bitcoin, they lump Bitcoin with crypto.

So they think of meme coins, scams, you know, the broad array of issues.

They think of losing money when they think of that.

And I think that that's going to weigh down probably for a period of time.

There's still something like a trillion dollars in crypto market cap that I think is overvalued.

And I think it is kind of a gradual stagnation, you know, it'll have cycles up and down.

But that's kind of just an anchor, I think, around the real story, which is basically Bitcoin and stablecoins and, you know, a small tale of other things, tokenization in general.

I think to some extent, but I think it's inevitable.

Basically, stablecoins, they attach the existing network effect of the dollar and, you know, to a way lesser extent, other fiat currencies.

They're almost all dollar stablecoins.

And when people are, you know, using money for shorter term, like working capital, volatility is something they want to avoid.

And so I think basically, as long as people have liabilities denominated in dollars, you