Where Coinbase Ventures is investing, with its head Hoolie Tejwani

Transcript

go where the smartest people are spending their nights and weekends hacking and before I came on I had all these threads with folks uh internally come. You were playing like with Cloudbot over the weekend and it's very much where [laughter] the the smartest hacker types are are experimenting right now. What's up everybody? It's LG Det here and welcome to the Milk Road Show, the daily crypto show that's more interested in who's [music] deploying capital than who's posting charts on X. Today is January 26, 2026. Listen, crypto sucks right now. We know this. Everything else is ripping and it kind of sometimes feels like we've missed the cycle top or something, but that doesn't mean money is not being allocated to the system. Today's episode is not about Wall Street or institutions. It's about private capital and where it's

allocating for the next run. Julie Tuwani, head of Coinbase Ventures, joins me today to tell me where Coinbase's needle is actually pointing behind the scenes and how we as normies can maybe follow some of that private capital. Today's episode is brought to you by Bridge. Send stablecoin payments instantly simple global friction free, and chain link link swamp 3 to Wall Street. Let's get them out here. Julie, welcome to Milk Road, man. >> Hey LG, great to be with you. >> Great to be with you, man. Let's dive right into it. Okay, because as I Okay, I didn't tell you this in the preamble. You asked me a little bit about myself. I didn't tell you this part is that I am a former DJ and there used to be a podcast called Milkro DJ that I ran. So, you know, when I look at the Coinbase

Ventures uh portfolio of stuff that you guys have invested in, I get very excited because I'm like, well, there's some companies I I recognize here, as somebody who spent a lot of time in the crypto streets, what I'd like to know from you as somebody who's you've been doing this for for over 3 years at Coinbase Ventures, this specific role, what what narratives and metas and just sectors of the industry have popped for you in a way that you expected? Like what have you guys absolutely nailed in the last couple years? and maybe also tell us a little bit what has underwhelmed in terms of its its its prominence.

>> Sure. So maybe just to start helpful to just have some context around Coinbase Ventures like who we are, how we operate and that kind of goes into the questions you're asking. So we started Coinbase Ventures almost 7 years ago really just as an experiment and it was a very simple mandate, a blog post from Emily that said, "Hey, we're open for business. We're writing checks for crypto startups." There was no dedicated team, no no like top- down strategy. And the mandate was really simple. Let's back great founders who are pushing the envelope for the crypto ecosystem, the crypto economy. And there's about a dozen folks around the company working on it nights and weekends. No one no one was fully dedicated to it. We've now progressed to be one of the most active investors in the ecosystem. We've made

over 600 investments um over that time. Uh and our mandate is very broad and it's stuck to that same principle of we're just looking for exceptional builders, exceptional founders um working on anything related to blockchains. To your question around uh what's like worked out pretty well, I'd say broadly the kind of DeFi category. Um we were early investors in unis swap more recently uh projects like Morpho. Um, and that brought that category from DeFi summer to now continues to evolve and and perform clearly has product market fit. Um, and we saw it early and we've we've been riding and I think that's still a 10, 20, 30 year uh, theme that we'll be we'll be investing in. And

question on stuff that hasn't worked out. I would frame it more as it's a timing question. So, we're we're fundamentally like long-term oriented. We are um we're not looking at daily charts. We're thinking about things in five to 10 year time horizons. Um and there's been a lot of talk recently uh with the news around Farcaster around like onchain social and uh [clears throat] and the kind of whole readr rewrite own thesis. So we've invested a lot in uh in onchain consumer like the broader category. I think two things could be true at the same time.

um cryptos where crypto has found killer product market fit is around some form of financialization and uh those types of use cases, trading, defi, etc. Um at the same time, the the onchain crypto social idea is just still early and we think there's there's a real like contrarian opportunity for folks to continue to like learn from iterate and continue to learn and push forward there. Um, but a version of onchain social is going to look very different than the web 2 social media paradigm like your Tik Toks and and Instagrams is going to look something very different and probably very uh have like a financialization component to it. Um, so

those are like short short kind of high level themes, but we've I mean we're overall really happy with the performance of the portfolio. Um, all the major projects over the past few years that we've uh that have kind of moved the space forward. We feel like we've been able to get in front of um other categories that have done really well are things like prediction markets where investors in Poly Market and Cali recently acquired a company called Clearing Company that's working on prediction markets now here. Um and yeah, and everything around kind of the trading and and more assets coming on chain is is working.

>> Everything you're listening to today is also covered in our daily crypto newsletter. And on Sundays, we even recap the best parts of the entire week's worth podcasts. So check it out at the link below. If you had to choose one, prediction markets or onchain social uh for the next 20 years, what are you betting on? >> A prediction market that is uh delivered onchain social. [laughter] >> No, you can't say that. I mean, they're close. Poly Market and Cali are racing to like integrate into every platform imaginable, man. With like I think it was what was it? Golden Globes the other day had uh or whoever it was. Was that Golden Globes that had poly one of one of them had the odds live during the show and everything, right? So they're they're definitely in

a race. That must be really exciting to you when you see that kind of develop too, right? Because I'm sure that they they probably came to quite a long time ago. >> Yeah, it's um prediction markets definitely have gone fully jumped the cliff into mainstream the mainstream zeitgeist. And I think what what excites me the most about them is yes there's a ton of retail consumer demand but it's also uh this mechanism that harnesses specul speculation to a form of utility like the information that these prediction markets are producing is like highly valuable signal and especially in a world where traditional media is all sorts of distorted it's really hard to parse signal from noise uh the prediction market platforms are really powerful I think high utility uh contribution for society.

>> You could definitely consider them social media platforms. Even on Poly Market, there's a whole comment section, right? And people and people do follow each other. They copy trade other people. So, it's it's I feel like most I feel like most of onchain crypto is in a way like a strange social network in a way that traditional finance is not, right? Where it's like you you're pretty open. You can see what people are doing. So, it is it is kind of a bizarre thing. And I think like even um you know some of the ETH scanners and stuff have like a chat function. Ether scan has a chat function now and stuff. So just kind of a social network. Um, one thing I wanted to ask you, maybe you can give us a little bit more insight as well to how Coinbase Ventures works in terms of at

what point you are investing in some of these companies, right? When you're getting these founders, like is this um I forget his name, the guy starting Poly Market, like he writes his idea into there's no there's no platform. He writes his idea into a pitch deck and he calls Julio and he's like, "Hey, I have this idea." Or are you guys coming in a little little later than a preede round? >> Yeah. Um, so we we have a pretty broad range. Our main focus is typically the seed series A round. So we like to be where what we call like the first institutional uh round of fundraising. Um we do however go earlier uh and do kind of preede just pure founder founder base checks. So we we run multiple strategies uh like on the base ecosystem side we run a dedicated base eco e

ecosystem fund strategy which is geared more for the kind of preede strong builder and an idea get you off the ground where we concentrate most of our dollars is in that seed series A stage and we're flexible with the market um when there are later stage growth opportunities we'll we'll invest and and we'll get active there we saw that last year more so around stable coin stable coin related infrastructure those are businesses that you and really like really underwrite like you would like a like a typical fintech business and uh you know to believe in a token or uh uh that kind of angle for like asymmetric upside. Um, so short answer is broad, but our main strike zone is really in that seed series A, >> right? How do how do things change when

when we're in times like this, man? Because I've been hosting this show. Uh, they started asking me to do the episodes when the market started tanking, ironically, uh, around 1010 as I've been more involved. Um, but, uh, you know, things have not been great. Like I said in the intro, like we're not, you know, we're we're waiting. Crypto people are patiently waiting, especially people that really believe in the majors and believe in the longstream uh, long-term mainstream adoption. Um, but for you guys, you're taking pitches every day. So, what changes when these types of things are happening? And also, something like the Clarity Act being delayed, does that even matter to you?

>> Yeah, good great questions. Um, let me let me park clarity and I'll I'll come back on that. But, you know, it's funny. I was I was reading this like I think it's a Jeff Bezos um idiom where he at at early days of Amazon the stock price was tanking but he's looking at all the KPIs for the business and they're just going like up and to the right and that it it's just funny for me. I feel like that's the space we're in the timing we're in right now. um sentiment. Crypto Twitter is always looking for like the next dopamine rush, the next like the next pump. But I think this is absolutely the best time to be building and deploying capital into into the [clears throat] market. Um we're looking

for missionaries, not mercenaries. We're looking for folks who who are signed up for like a 5 10 year vision. And when there's fatigue from the narrative side, uh that's when those missionaries really like surface and pop up. So we're we're more active than ever. 2025 was one of our one of our busiest deployment years. We're continuing that momentum coming into into 2026. Um I you know it's there's not a clear like what's the next meta, but that's not really what we're focused on and because we're so long-term oriented. Um so I'd encourage folks to just not don't get too uh anchored on where where the short-term price moves are and focus on the fundamentals. If you look at stable

coin transaction volume, if you look at number of wallets, you look at number of people uh engaging on blockchain networks, if you look at things like prediction markets that are going uh going truly mainstream, things are progressing in a very very you know positive way and uh we're continuing on the journey. >> Was it like go ahead >> and then just wanted to touch on clarity. So um we 2025 was the year that we went from legal gray zone into finally into a constructive uh regulatory environment and it's had profound impacts for my role in the startup ecosystem. Last year was really like stable coin summer like leading into the Genius Act passing and going

forward we just saw a tremendous amount of exceptional founder talent coming into the space particularly around stable coins and I think that's a lane that is we're seeing it in the numbers is got 10 to 100x penetration potential going forward. Um clarity [clears throat] is important for sure. uh uh and I think that will be a major unlock for uh just having clear rules of the road around market structure, onchain capital formation, etc. We're going to continue pounding the payment. The legislation process is always this uh kind of herkyjerky uh thing in DC, but um it w when we do have uh durable legislation and rules around market

structure, it's going to be a huge catalyst for startup formation in the space. Sure, tokenized financial products are the future, but there is a big sticking point. They all need to speak to each other. This is a tough problem to solve. But chain link does exactly that. It's the universal language for financial markets, linking Wall Street to web 3, banks to blockchain, and so much more. See how chain link is linking the world by going to milkroad.com/chainlink. Stable coins are the biggest use case in crypto right now. But let's be real, using them on chain is still way too complex. That's exactly the problem Bridge is solving. Recently acquired by Stripe. Yep, that's Stripe. Bridge helps businesses send, store, accept, and launch stable coins instantly. Explore

the future of global financial infrastructure at milkroad.com/bridge. >> Okay, I I have to pick on something you said here, and you have to give us the alpha, dude. You're not going to let you escape without telling me. You're telling me that stable coins are still a potential 100x. How's that even possible when you I feel like you have two leaders so far ahead of the curb, right, with Tether and Circle and they've been here for years and maybe you guys got in on them years ago, which was probably, you know, probably the right time. Um, and plus we even had we had Rune last week from Sky as the the number three and and more the the more like really onchain kind of option. Where would we look in stable coins for 100x? You're not promising us 100x just to be clarified for anybody who's listening.

It's not financial advice or anything, but where where are you seeing that? like where where would that peak be? >> Yeah. [clears throat] Um you you have to look at the total global economy and how much run payments flows and value flows in the kind of traditional non-stable coin world and where we're seeing the the rapid growth is really in like stable coin powered apps and infrastructure. So BTOC payments, B2B payments, um things like FX. Um and yeah, these companies are all doing doing very well. stable coins immediately embed and provide like a huge value prop on cost, time, liquidity, etc. And there's a huge rat's nest of um the the old school paper

pushing uh money movement world that can just be unbundled and and sliced at in different ways. Um so for example a company like readay which we which we invested in which is um uh enabling remittances and uh and stable coin payments in Asia and uh ex US uh ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x ex x exus regions is growing very rapidly uh we're seeing in a whole bunch of places. I think these the the penetration growth is going to manifest in what look more like traditional fintech companies versus um necessarily issuers or uh token related projects, but um yeah, it's it's it's working.

>> Okay. So, start looking at like real infra projects. Stop looking at like weird trench stuff is basically what you're telling me to to try and find that unwind that part of my brain. [laughter] It's hard, you I think it's hard for I think it's really challenging for myself and and for a lot of our you know our listeners as well cuz like stable coins like I said it's like well there's big stablecoin issuers and I think that kind of stuff is um what's the right way to put it? It's not that it's boring but it's like you know we're just that's so much money coming on chain but it's something that feels so not inaccessible but it's just not you know what I mean? And it's just something that you're like, is it that exciting for us? Even though it is monumental for for the glo,

you know, for the global finance system to come on chain, these things have to happen. These companies have to exist for them to be able to do that. How can you give me the pitch, Julie? Pitch me on like why like I should be so stoked and and and really like make an effort to look at some of these companies like building some of the stuff you're saying. >> Yeah. Um, so two there's two questions there. ones around like how can you access some of these opportunities and candidly the the the model is likely going to look more like traditional private VC and we can talk about how that's changing broadly. Um but the stable coins are just a much better way to move money. um they're programmable, instant liquidity, lower cost, uh easy to send, and the companies that are

adopting this kind of stable coin sandwich are showing up with just a much higher value prop to disrupt incumbents. And um and the incumbents are obviously paying attention to like if you look at Stripe and their strategy, their acquisition of bridge, which we're investors in, Privy, which we're investors in, um uh the whole the whole kind of payment stack is being rewritten. Now, how for your listeners, how to play it as an investment theme. That's a more complicated question. It's uh likely trying to get access to some of these private investor deals. But there are broader there are broader ways to to play the trend. Um but probably above my pay grade on giving financial advice around that for for retail.

>> That's okay. is that should we um while we're talking about you know how we can get access to some of this stuff and you know obviously we want to you know we want to get excited about the stuff that Coinbase Ventures is is looking at uh we could pull up your your AI ecosystem chart as well a little bit later we could talk about that but I think before we get to that um let's let's stay on kind of like the everyday people like myself how can we get exposure to this kind of stuff right and and I' I've talked to a lot of people that are like listen private markets are way better than public markets these days this is where you want to be especially for crypto um Coinbase acquired Echo Right. And you guys uh and and Monad launched recently as well on Coinbase. I think I

guess kind of through the same system or maybe not. You can clarify for us. But is that is that what we should be doing? Should we be finding the the Echo and the you know other similar ones that that may have access to other deals and just signing up and just being ready with cash in hand to to to pick the right deal? >> Yeah. So, uh there's a big focus for us this year. And so, if I step back, our overall mission at Coinbase is uh increasing economic freedom in the world. And a big part of that is increasing access. And you're spot on. Um the private markets have been locked out for the average retail investor for so long. Companies are staying private longer. It's harder to get access. Uh and there's this whole pocket of wealth creation that people are locked out

from. Um so we're focused on a whole bunch of different initiatives around onchain capital formation and kind of rewriting the playbook there. And part of it is dependent on uh clarity and just other regulatory things like the uh accredit investor rules which I think are incredibly archaic. Like I don't know why they're just nonsensible why why folks can certain folks can invest in things and uh uh others can't. Um but we're pushing on this and so echo the echo acquisition was kind of part of our broader onchain capital formation and tokenization efforts. There's stuff um we're working on that I can't announce yet, but it it's a big initiative and the goal is really to enable more access

for average everyday retail investors to these types of opportunities, whether they're token based projects that uh you you know go through an accredited investor uh gate to get through pure retail uh participation um and even things like private uh private shares and companies. There's a lot to work through on the regulatory front to get the get get the products live, but it's a big focus for us this year. And um we're also kicking around how can we get folks exposure to Coinbase ventures and uh funds and and things like that. Um there's a lot of devil in details on what what we can and can't do based on uh based on how legislation shapes up, but it it's a big focus for us.

>> Okay. Okay. Good to know. Whatever that is, whatever the big announcement is, you're welcome. Come right back here and announce it on the show. Julio, you're just putting that invite out there. We want we want the scoop. Um, but you say you've made over 600 investments. You've been, you know, part of and leading over 600 investments. What is your advice? What's your strategy for picking these? Like what are the top three things that you look for in founders or in companies that really convince you guys? Um, you know, we got to we got to sign the check. >> Yeah. >> Yeah. Um, first first and foremost is like uh founder builder motivation like intrinsic motivations. again to that point like we're looking for the missionaries not mercenaries um modeling you know folks like Brian and other

folks in the industry that we really respect that um just have that long-term oriented view second is like how big of an idea can this be there's a lot of um I won't it's porative call it incremental there's a lot of really good businesses or projects that uh can be fine healthy businesses but may not necessarily have that kind of 1000x uh outcome potential. And so we're always framing things on like what do you have to believe for this to be like a 10 to 100x uh type idea or journey. Um and then the third point would just be around early signs of proof of shipping uh uh early signals around product market fit. Like we really believe in action creates information. And so, um,

it's the team, it's the idea, and then can can we see some signals that they're able to execute and like take steps up that foggy hill of of, uh, startup creation, uh, all kind of bundled into one. >> So, I'm going to ask you again, repackaging the same questions. This is what I do on podcasts is we talk about product market fit, the stuff you're looking for. what stuff has come been coming across your desk in the last couple months that is getting you guys excited for the next 5 10 years, right? You guys are looking further down the line. So, it might not be stuff that we uh ne necessarily is top of mind right now just like prediction markets would not have been something we were excited about four or five years ago.

>> What kind of stuff are you guys really into these days? >> Yeah. Um there's a there's a there's a few buckets that where we're spending a lot of time and we're seeing really interesting projects and making making investments. So, um, some of them are continuations from the trends from last year. So, I we've touched on it, but stable coin related, uh, apps and and and businesses that's going to continue playing out, and we're we're continuing to see great great um, uh, projects there. A broader theme, and this ties to Coinbase's own product strategy around being an everything exchange, is this idea of like markets for everything. So crypto's superpower is enabling 24/7 global liquid markets for anything that

can be put on chain. Um, and we've seen it throughout the years, what what can be put on chain changes and manifests. Um, that's exploding. So things like real world assets coming on chain uh tokenization of of various instruments, prediction markets, uh per um we did several uh per exchange investments last year. We think we're going to see perpication of everything. That's like a killer instrument and so you're going to see equity pers and gold per and um things around that phase. So basically it's you know it's called internet capital markets thesis or you know other folks have branded it different ways but that broad theme uh is where we're seeing a lot of lot of interesting

pitches and so we're looking for uh folks who are bringing unique assets on chain uh ideally through uh uh trustless like protocol based models and also the frontends for specialized trading and uh uh different types of like exchange infrastructure AMMs Um a third again like DeFi is perennial like there's so much more to be done the project there are projects and protocols have really been battle tested over many years now and have have real traction uh but there are there's a whole wide design space of like traditional financial instruments that can just be reimagined with uh smart contracts and and being brought on chain. So that's

like a perennial vein that we're always seeing exciting stuff in. Um, a fourth area is privacy. So, I think this is the year where privacy really is going to catch on to the mainstream zeitgeist. Like, it's been top of mind more for like the OG cipher punks and folks folks that were early in crypto. Um but I'm hearing it as a topic even with the most uh you know the largest institutional allocators who are coming back from Davos like they're they're appreciating that uh you know you need you need solutions for privacy for this uh this entire crypto uh economy to continue to scale. Um and then last which I think is most exciting but is still early is the

intersection of crypto with AI and robotics. Um, I'm a believer that we're going to have this agent-based commerce economy with uh billions of agents bartering with each other and uh meaningful amounts of GDP flowing through uh through agents and we're seeing teams that are building the rails and the piping for that agent economy and it makes sense that machines are going to pay machines with internet native money. So that's um that's kind of like the last big bucket we're really focused on right now. So, I'm just pulling up a chart and I'm assuming this this is kind of this is stuff you guys have invested in so far.

>> [laughter] >> uh is this a broad this isn't all uh investors a broader a broader landscape >> a broader landscape of the onchain AI ecosystem uh and a lot of there's a lot of stuff when you zoom out there is a lot of stuff and in the AI space at least on the onchain side uh that's wild um what where do you see I guess there's so many questions about crypto and AI right because everybody especially you know we're an investment platform you know that's that's the thing you want to be putting money at right now right is is those are the two things uh for all the way from you know the government all all the way down to you know capital flows that's where you want to be putting money at I guess maybe if you can simplify for us because there's so

many different areas of AI um >> what what do you think AI like what is the endgame of a crypto and AI like how do they actually end up working together and they don't have to work together right it's not say that that that statement I just made is not invest in things that are only at the intersection right? You invest in both separately. Um, but I if you were, you know, to kind of give us a guess there or give us kind of like your point of view, what what is the endgame of of the onchain economy and how does it like how does it incorporate AI into it? >> Yeah. Um, great question and it's early and I don't have like the full crystal ball. Um, kind of part of the intuition here is like go where the smartest people are spending their nights and

weekends hacking. And before I came on, I had all these threads with folks uh internally come. We were playing like with Cloudbot over the weekend and it's very much where the the smartest hacker types are are experimenting right now. I think like the V1 was, hey, let's create an LLM or an agent that can trade and maybe act on your behalf and uh and have its own token. I think that's like interesting experimentation, but probably not like long term. like it just kind of goes to AI slop u sooner rather than later. The two big areas for like long-term intersection value. One I touch on is this idea of an agent to agent uh uh commerce world that's

powered with onchain rails. And that's going to require frameworks for identity for uh for uh figuring out how you get through like KYCing your agent for uh the right APIs and hookups um uh to make those onchain rails happen. Uh and then the second is really can we can we can blockchains and generative AI intertwine like like a helix of DNA to complement each other. Generative AI is extremely centralizing. Can these distributed blockchain networks and systems do things like decentralized training uh uh attribution ownership of user data in more like grassroots way

and deliver the kind of inference and and output from uh from AI through those networks that's still early in R&D phase but that that latter prong is where a ton of value can be generated. >> You got to explain that to me a little bit more man. You got it. Listen, it you have to you have to dig into that if you can. And if not, uh tell us which which founder we should speak to who can come and and tell us about it. But if you can elaborate a little bit more on that, I'd be very keen to to to know. >> Yeah. Yeah. I can get we we can definitely follow up with some uh folks you recommend that you speak to. But um like one example is like uh an investment we made called Vanna Labs.

And the premise there is setting up data dows where users can actually contri there's a huge demand for models to train data and the models have effectively trained all the public internet data that's available. So where do they go where do they need to go to get uh better in their training they need private silo data um that can happen from at an enterprise or it can happen from user contribution. So like with Vanna the data dow concept is hey uh me me as a user I can contribute my personal Reddit or or whatever personal data into these data pools uh models are then able to train on that data set. I have uh attribution and ownership of the end output for the for what that

translates to and how the models monetize. Um and that so me as a user I get to contribute. I get to participate and benefit from uh uh opting in to to feed this data training piece. That's like one example. Um another example we invested in a company called open mind which is building a a training network for robotics data. And so there's a really hard problem around how do you aggregate and get the right uh the right volume and amount of uh of training data for these robotics models. Can you use crypto network to incentivize uh in a in a decentralized way the contribution of the the data from the training sets? So those are those are like two two

examples. Um uh yeah, but you can zoom back and zoom out and say, okay, do we want to live in a world where like three or four [clears throat] mega model companies basically centralized model companies basically have full top sound ownership control of uh of these gener genai models and uh and the data associated with know everything about us or do we want to live in a world that's there's a counterbalance force where bottoms up grassroots uh uh participation in kind of the model outputs is is enabled through like trustless systems. A lot of lot of jargon there, but that's kind of the the the general idea.

>> What was that first one you mentioned? What was that first company? >> Vanna Vanna Labs. >> How do you spell it? Like just V- Na. >> Vanna Labs. Okay, cool. I like that. Yeah, I like that. You know, as a as a long-term almost day one user of Facebook, I've always wanted a cut of cut of my pie. A cut of the pie, man. like they use my data, use all my posts, dude, sell me all this stuff. I don't see any money. I just I just get to be a user. Uh but I've always I'm like, "Come on, man. Like, let let me you know, you're taking all this data anyways. Like, give me give me something back for it." So, um I like that. I like anything that can do that, especially um you know, in an onchain way. So, that's really great. All right, Julie, as we

wrap out this episode, you've given us a lot of good insight on um what you guys are where the needle's pointed for you and how we could look to participate. And I think it, you know, you've done a good job getting me excited about things that are uh sometimes a little less sexy like stable coins and privacy, which is it's it's a whole other episode, but the main question we want to know from all our guests, right, and especially somebody like you that maybe is a little more sheltered from this question. Um, but no doubt you have an opinion as well, is what's going on with the cycle? And and I'm so tired of talking about the cycle, but just generally like what's going on in crypto? You know, we've had this massive 1010 liquidation.

It's been a long time now. The TA guys are telling us we're in a year-long bare market. um the the everyone else macro people people track liquidity are telling us like listen Bitcoin is about to catch up to gold man just watch that ratio just flip any day now what's your opinion >> yeah great it's a good question my opinion is for folks who've been in crypto for a long time we've kind of been conditioned to think about things in this like fouryear cycle around Bitcoin happening like you know past past behavior right would would p would predict the future I really question whether there is such thing is a four-year crypto cycle anymore. The and it's a sign of just maturation for the industry and the market structure. I think the Bitcoin ETFs and institutional

adoption like did fundamentally change uh the market structure around Bitcoin. We have longer term uh you know folks are putting Bitcoin in their in their 401ks and there's also a dispersion of liquidity and attention and the number of assets that folks are able to trade. So, I don't know that we'll see the same four-year behavior and cycle that we saw before around the happenings. Like, genuinely don't know and I I could be totally wrong. My my view is that we've gone to a world where um there were dozens to hundreds of crypto assets that folks were trading and now we're in a world where there's literally 10,000

coming every hour and a broader set of of tradable instruments like prediction markets and per and and all that stuff. So, it's really like a long-term token picker market. like you've got projects that have real fundamentals around revenue and value capture and real usage um that will be be along for a long time and um that's where we're looking where there may be some opportunities uh and and mispricing in in the current market environment. >> You specific companies you want to tell us or anything like that? Any tokens or any picks? [laughter] >> I'm asking you the impossible question.

>> Yeah. Uh well we disclose all all our investments on the Coinbase Veter website. >> There you go. Yeah. Okay. I'll go check that out. Yeah. Right on. Well, Julie, dude, it's been great to have you on, man. Thank you so much for sharing your insight and like I meant it when I said that whenever you have you guys have a big announcement, especially something that's something maybe we can participate in, uh, you're more than welcome back on the show and share it with us first or or even after as well. Um, and uh, yeah, thank you for all your insight. >> Awesome. >> If y'all are making swaps or trades right now, highly recommend you check out Milkroad Swap. This is a DEX that we built in partnership with Cow Protocol.

Why did we build it? not to make money, just honestly so we could have a place to do our swaps for the lowest fees that we could find. This is the fees on Ethereum, Arbitum, and Bass are only.15% fees. Uh this is a huge difference from uh other centralized exchanges that charge half a percent or even up to 1.2% fees on their swaps. Also, you can swap on Salana all at swap.mmillgrow.com. Check it out today. you won't be upset and you can join [music] me in my favorite place to make swaps on chain.

Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milk Road Daily and Pro Newsletters and start investing like the top 1%. This show is [music] for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.