00:00 Speaker A
Something we say quite often is that crypto is having its internet 1995 moment.
00:04 Speaker A
And if you remember, you know, Netscape went public and Wall Street was really able to take these internet companies, they could bank them, they could back them, they could take them public, they could collect fees on them and write research on them.
00:15 Speaker A
And that really put the machine behind, you know, financing this wave of internet growth.
00:23 Speaker A
And we think that we’re in a similar period with the digital asset industry, following, you know, a lot of the regulatory changes that have happened that have allowed for uh Wall Street to both adopt on chain and and use the technology to become more efficient, but also to take these businesses and really help them, you know, find capital.
00:41 Speaker A
So I think we’re in the very early stages over this long-term trend of that growth, and there’s going to be a lot of interesting companies that we think are coming to market that people will definitely look at and they perform pretty well the recent ones as well, so that’s creating more appetite.
00:54 Speaker B
Um it’s pretty fascinating that you choose that 1995 internet because
00:58 Speaker B
what happened after that, you know, you got the dotcom bubble, right? And you got a burst, you had too much investment, one could argue, too much enthusiasm, frothy evaluations, and then, um, you know, the sort of fallout from that.
01:13 Speaker B
And yes, of course, many strong strong companies survived that, but many did not.
01:17 Speaker B
Do you expect that kind of a similar shake out at at a certain point in the business?
01:21 Speaker A
Well, you know, I think as a liquid investor, we’re we’re always talking time horizons, right?
01:26 Speaker A
So if you’re going from 1995 to the 2000s and then even in 2010, right, you ended higher on a bigger plateau in terms of market cap relative to the the total equity market than 1995.
01:36 Speaker A
So so yeah, I think there’s opportunities to be made and and money to be made across this cycle and it obviously it’s about managing risk. You have to manage valuations and froth. and obviously the macro environment plays a big role, but, you know, I think that, you know, you you can focus on, you know, the time frame here and now.
01:50 Speaker A
There’s a lot of lot of excitement and and a lot of opportunity both on the fundamental adoption side and on the investment side.
