Lessons from a turbulent year

Exactly thirteen months ago, bitcoin was trading above $65,000, the Nasdaq Crypto Index was at its all time high, and laser eyes were all over Twitter.

Yes, that seems like another lifetime.

Today, with crypto prices over 70% off all-time highs and ongoing uncertain market conditions, it might seem natural for a reflective letter like this to focus on persevering in difficult times.

But 2022 was anything but a negative for crypto. In fact, this year may have been the most consequential for this emerging asset class since I entered this space a decade ago: infrastructure advancements like Ethereum’s Merge, regulatory developments like President Biden’s Executive Order, progress on scaling solutions, and the acceleration of institutional adoption are just some of this year’s major advancements propelling this space forward.