Matt Huang

Yes, I think the speculation has been productive. Okay, you could debate the ratio of speculation to the utility that's been created and compare that across trends. And crypto, I think, is definitely more speculative than typical. But that's in part because assets that one can speculate on are part of the core thing that's being enabled and the core form factor.

Yes, I think the speculation has been productive. Okay, you could debate the ratio of speculation to the utility that's been created and compare that across trends. And crypto, I think, is definitely more speculative than typical. But that's in part because assets that one can speculate on are part of the core thing that's being enabled and the core form factor.

But yeah, within crypto, I think of speculation in two ways. One is that it's actually very core to the adoption of any new monetary asset, because to believe that other people will eventually accept some asset as money is inherently a speculative act. And OK, you can have fundamental reasons for believing that because the supply is fixed or it has certain technical features.

But yeah, within crypto, I think of speculation in two ways. One is that it's actually very core to the adoption of any new monetary asset, because to believe that other people will eventually accept some asset as money is inherently a speculative act. And OK, you can have fundamental reasons for believing that because the supply is fixed or it has certain technical features.

But ultimately, your belief hinges on belief in others. I think that makes people uncomfortable sometimes. And I think I see a lot of people very confident that Bitcoin, for example, cannot possibly be money or gold. And I think it comes from this place of just the inherent distaste for speculation versus trying to inspect it more carefully.

But ultimately, your belief hinges on belief in others. I think that makes people uncomfortable sometimes. And I think I see a lot of people very confident that Bitcoin, for example, cannot possibly be money or gold. And I think it comes from this place of just the inherent distaste for speculation versus trying to inspect it more carefully.

Then, yes, there's the Carlota Perez idea of speculation as a bootstrap. And I think we have seen that play out productively in crypto.

Then, yes, there's the Carlota Perez idea of speculation as a bootstrap. And I think we have seen that play out productively in crypto.

So, for example, a lot of the stablecoin activity that's possible now, 200 billion in stablecoin assets, lots of stablecoins being used outside of crypto, whether it's cross-border payments or access to USD in countries that struggle with their local currency, corporate payments, etc. That's all enabled by the infrastructure work that was done over the last decade. two, three years.

So, for example, a lot of the stablecoin activity that's possible now, 200 billion in stablecoin assets, lots of stablecoins being used outside of crypto, whether it's cross-border payments or access to USD in countries that struggle with their local currency, corporate payments, etc. That's all enabled by the infrastructure work that was done over the last decade. two, three years.

If you look at Ethereum L2s like Base or Solana, we have stablecoin transactions that are extremely cheap and fast now. Whereas in 2017 or 2021, those same transactions would have been $10 or $100 to send a mainnet transaction.

If you look at Ethereum L2s like Base or Solana, we have stablecoin transactions that are extremely cheap and fast now. Whereas in 2017 or 2021, those same transactions would have been $10 or $100 to send a mainnet transaction.

So I think we're in a completely different place on the infrastructure side now, mostly invisible to the broader public, but manifesting in real applications like stablecoin payments being possible.

So I think we're in a completely different place on the infrastructure side now, mostly invisible to the broader public, but manifesting in real applications like stablecoin payments being possible.

I don't want to come off as I don't care about the investment returns and being a good steward on behalf of LPs and stuff. But I do think the mission that animates us is making sure that crypto technology can succeed in the world. And I think if we look at the internet, the idea that we have end-to-end encrypted messaging today, WhatsApp, Signal, I think is a contingent fact.

I don't want to come off as I don't care about the investment returns and being a good steward on behalf of LPs and stuff. But I do think the mission that animates us is making sure that crypto technology can succeed in the world. And I think if we look at the internet, the idea that we have end-to-end encrypted messaging today, WhatsApp, Signal, I think is a contingent fact.

As in, there are many possible universes where we don't have that. It's not something that was inevitable. And it's something we possibly could lose or have been close to losing many times. And I think right now, putting the political dimension aside, there's a lot of discussion about the idea of free speech and censorship. So I think these are some of the questions of our time.

As in, there are many possible universes where we don't have that. It's not something that was inevitable. And it's something we possibly could lose or have been close to losing many times. And I think right now, putting the political dimension aside, there's a lot of discussion about the idea of free speech and censorship. So I think these are some of the questions of our time.

And that's just on the side of information and transmitting information. But I think if we look at, there is no free speech without economic freedom, because you can use economic violence country to country, country to citizen, to punish speech. And I think we saw this, say, in the case of the Canadian truckers, if you remember that incident.

And that's just on the side of information and transmitting information. But I think if we look at, there is no free speech without economic freedom, because you can use economic violence country to country, country to citizen, to punish speech. And I think we saw this, say, in the case of the Canadian truckers, if you remember that incident.