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  • probably doing an incredible job of actually educating and bringing up the space and getting them comfortable with what you're doing to where maybe two or three years from now.

  • If and when they're ready, they can go for more risky pieces.

  • That's, that's exactly right.

  • That's exactly what happens.

  • And we're almost like a gateway to the space for these large, institutional, large family office clients because, you know, they all know something's going on here.

  • You know, if you're managing a 15 $20 billion portfolio, you're watching all the markets, you're, you're an acid allocator.

  • You see the return, you see the alpha being created, but you can't really figure this out.

  • And most of these guys will not invest in something that they don't understand, no matter what, they just won't do it.

  • And you know, that's a good discipline.

  • So we do spend a lot of our time educating people.

  • Um, you know, as I said, we write these 50 page investment memos to substantiate our positions in the funds and then in the, in the companies and then what we do is we offer our investors and only our investors co investment.

  • And so we'll do a few zoom calls, will share the investment research, They go through it and then I'll get on a few calls and explain it to them and then they'll say, well, you know what, I kind of like this idea.

  • Um, you know, and I'd like to, you know, put a little more money into it.

  • And again, most of the LPS and the fonder people Are my friends or people who are from my network from my old world and they're real investors and they're either still, you know, active or they're running their own family offices and they like being able to leverage up on, on certain names.

  • They also like the fact that I only charge one in 10 for the co invest vs two and 20 for the Fund.

  • Um, and you know, they love watering down their fees.

  • Um, but we do it as a perk for them because um, it's also helping them learn more about the space.

  • And so I think what you do see, um, is that they make an investment here and then they broaden their horizon, then they maybe go to earlier stage investments, maybe they invest directly, uh, in some of the cryptocurrencies, they, you know, get open up, you know, their wallets on meta mask and they start staking their luna or whatever it is that they're doing, they become more active, um, in this world.

  • And so you're absolutely right.

  • But look, the crypto adoption worldwide is only 2%.

  • Okay.

  • Only 2% of the world have crypto accounts of crypto wallets.

  • We think it's sort of like 1997 in terms of the, the adoption of the internet because it was back in 97 the 2% of the world had access to the internet.

  • And what we do is we say, well from 97 2 oh seven.

  • How fast was that rate of adoption of the internet?

  • Well it grew by 15 times.

  • And so this is we have a chart that our lPS all of them gravitate towards this because if the adoption rate again, adoption rate of crypto has been faster then the adoption of the internet was back then.

  • But you know, if you follow the same path, You're looking at a space that's going to grow 15 x From today and that's where the $3 trillion 15 times gets you to 45 trillion.

  • Um now I'm not saying that's definitively gonna happen.

  • I actually thought something different, which is that and I, you know, two years ago when I was coming up with a thinking behind this fun, I thought it was a $300 billion dollar ecosystem.

  • And I said, you know what?

  • I'm gonna do something really bold.

  • Something that I've never heard anyone do before, which is I'm gonna put my view into the name of the fund.

  • And so I said it's 300 billion today.

  • I'm going to say we're going to be a 30 X from here in 10 years.

  • So we said 10 t in 10 years.

  • So I mean I made a call that the ecosystem was going to be 10 trillion like back then.

  • And I put I like nailed myself to that cross and said, I mean I'm calling for a 30 x.

  • And I'm gonna call my fun that I mean it was crazy, right?

  • But you know what, we're going to end up being wrong Because it's three trillion today, it's already 10 x in two years.

  • And so 10 T is not going to be right because we're going to be well beyond 10 T over the next eight years.

  • And so I think you're looking really more at like something like a 40 T uh type of number.

  • So is it bigger than, I mean, is it bigger than it probably is bigger?

  • But again, how much, you know how I don't want to like how crazy can you go?

  • But you know, and it's just like it's me dan Morehead and Mark yusko, you know, we did a panel of a month or two ago, they asked this question and uh, you know, they started off with how many t can you go and dan throws out 40 T.

  • And yusko throws out 30 T.

  • And I was still thinking, okay, well I called the fun 10 T and you know, whoa, I'm gonna be the lowest guy out here.

  • So I doubled my view to 20 T.

  • But the reality is that, you know, you start sounding a little ridiculous.

  • Uh, but look, that's the reality, right?

  • I think it's probably 40 T.

  • Is that the 10 year projection from today roughly.

  • Okay.

  • And yeah, well it's just that I, I said if it's if we use the comparison of the adoption of the internet Over the next 10 years, right, you went up 15 times, so 15 times from today is 45, right from three.

  • The but the right answer is probably 100 t if you had a couple a couple of drinks and we're honest with it probably is, but then people think you're crazy and you start talking about Bitcoin going to a million and right, you know, we just want to get investors to understand that they need to have a toe dip that we have a broad diversified exposure that we think is de risked to the ecosystem.

  • We're not trying to make 100 X.

  • We think we have risk controlled uh in a pretty manageable way.

  • Um these are all more developed businesses and just put something in here, you know, just do a toe dip And again, you know, wences Casares had that mantra for a while, get off zero, just put put 1% of your portfolio into the Bitcoin, into the crypto space and you know, get a toe dip.

probably doing an incredible job of actually educating and bringing up the space and getting them comfortable with what you're doing to where maybe two or three years from now.

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A2 adoption crypto investment ecosystem dip space

We are a gateway to crypto - Dan Tapiero

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    林宜悉 posted on 2021/12/06
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