Inside the room at Multicoin Capital’s Investor Summit; a snapshot of the current blockchain market from one of the leading crypto hedge funds

Jacob Mullins
May 8, 2018 · 7 min read

Last Wednesday, I spent the day at the annual meeting for Multicoin Capital. Multicoin Capital is one of the more active and visible “crypto hedge funds,” whose hallmark is openly sharing their perspectives on the crypto / blockchain industry, evolution of blockchain technology underpinnings, and analyses on specific crypto assets (like EOS, IOTA, XRP, REP). In a market that is commonly described as frothy and overhyped, Multicoin Founders Kyle Samani and Tushar Jain offer an open, rational and objective approach to their analyses and investments, which they share on their very active blog. Shasta Ventures is not an investor in Multicoin Capital, but the team is nice enough to have invited me among a small number of outside engaged people in the space.

Jacob Mullins of Shasta Ventures and Kyle Samani of Multicoin Capital

It was an incredible event, the speakers and attendees were leading entrepreneurs, builders and investors in blockchain today, including Vinny Lingham of Civic, David Sacks of Craft Ventures and Harbor, Ryan Selkis of Messari, Arianna Simpson of Autonomous Partners and Amitt Mahadjan of RareBits, among many others.

Notably, and as a broad comment on the evolution of the overall crypto investing industry even over the past six months, there has been a real maturing in how crypto asset investors are approaching the market. Six months ago, I attended the Consensus:Invest event in New York in Dec 2017; notably at this time both BTC and ETH were at all time highs, BTC auspiciously crossed USD$10,000 the day of the conference, and it seemed you just couldn’t lose in Altcoins. There there was clear exuberance, cash was pouring in from everyone and their brother, and CNBC was running instructional segments on buying BTC across national television.

Since then, what has happened…

I view this retrenchment as a good sign, a very strong indicator of a robust market in the making. Why is this good?

Now, back to the insights from the Multicoin Capital Summit.

State of Blockchain in May 2018
Presented by Kyle Samani and Tushar Jain of Multicoin Capital

State of Dapp Development
Panelists: Vinny Lingham, Civic; Matt Luongo, Keep; Yaniv Tal, The Graph; Nadav Hollander, Dharma

I asked the panel, in such a frothy market, how do you focus on attracting the right types of long term users / holders of your token, versus the speculative investor looking to flip for a quick buck? They replied…

Investment Opportunities in Dapps
Panelists: Arianna Simpson, Autonomous Partners and Josh Nussbaum, Compound VC

I asked a question about the panelists long term view of the value of owning equity — which is comparatively illiquid — in a crypto-native company that has a robust liquid token economy, and the belief was:

Opportunities in Non-Fungible Tokens (NFTs)
Panelists: Tony Sheng, Decentraland and Amitt Mahadjan, RareBits

Tushar Jain of Multicoin Capital, David Sacks of Craft Ventures & Harbor, Ryan Selkis of Messari, Kathryn Haun of Coinbase Board of Directors (left to right)

Opportunities in Tokenization of Securities
Panelists: David Sacks of Craft Ventures and Founding Chairman of Harbor, Kathryn Haun (Coinbase Board Member, and former US Prosecutor assigned to “shut down” Bitcoin), Ryan Selkis of Messari

In summary, it was an incredible day. The wealth of knowledge and collective experience in the room was very impressive, and illustrative of the bright future ahead for builders of and investors in blockchain and cryptoassets. Thanks to Multicoin Capital.

— I invest in Emerging Platforms at Shasta Ventures, specifically technologies bridging the digital and physical worlds including AR/VR, computer vision, robotics and blockchain. If you’re working on something interesting in these spaces I’d love to chat with you. Find me on twitter @jacob.

Jacob Mullins

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Partner at Shasta Ventures investing in the Emerging Platforms: Applied AI, Computer Vision, AR/VR, Esports, Blockchain, and Financial Services.