, 8 tweets, 3 min read Read on Twitter
1/ The idea that VCs are out to sow the seeds of #bitcoin’s demise is a joke.
2/ If you’re a VC focused on #crypto, chances are you hold #bitcoin as the reserve asset of the ecosystem.
3/ As the reserve asset, if $BTC doesn’t lift, then this #crypto winter would be more brutal than anyone is currently imagining.
4/ Hence, crypto VC returns will be partially tied to the success of $BTC.

And those of us that grew up organically in the space, grew up loving the ideas of #Bitcoin, and still do.
5/ Traditional VCs hardly think about #Bitcoin. How could they be out to destroy something they don’t even think about?
6/ Then there’s the idea that all these #cryptoassets are competitive with #bitcoin, and so by funding them the crypto VCs are hurting $BTC.

Again wrong.
7/ Most #cryptoassets are not trying to be a global money & so not competing w/ #bitcoin.

Most are better thought of as a new principal-agent model to provision services, which in time will be superior to equity in coordination scale, value flows, adaptability, etc.
8/ Just as stocks create and capture value alongside fiat and gold today, most #cryptoassets (that are not trying to be currencies) will coexist and be enabled by $BTC tomorrow.
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