From Internet Investment to Crypto Assets: Jason Huang's Investment Journey

Jason Huang has worked at Huaxing Capital, Qiming Venture Partners, and Alibaba's family office, possessing extensive experience in internet investments. He first encountered Crypto Assets in 2017 but remained skeptical about the field at that time. It wasn't until 2020 that he truly delved into and invested in Crypto Assets.

Jason is attracted by the concept of "penetration rate." He believes that just as the penetration rate of e-commerce in China grew from 3% to 30% over a decade, Crypto Assets could also quickly grow from the current 600 million users to 2 billion users. This perspective led him to establish his own fund NDV in 2023 and to enter the market when the price of Bitcoin was around $29,000.

Investment Strategy: Simple and Effective

Jason's investment strategy is relatively simple. He initially focused on investing in GBTC (Grayscale Bitcoin Trust), leveraging its discount to Bitcoin to achieve excess returns. With the launch of ETFs and the disappearance of the discount, he shifted his attention to stocks related to Crypto Assets.

Among many options, Jason ultimately chose MSTR (MicroStrategy). He believes that compared to Coinbase and mining stocks, MSTR's investment logic is simpler and easier to reach a consensus. It turns out that MSTR's performance has indeed surpassed many other assets, including Nvidia and Bitcoin.

Institutional Investors' Focus Areas

Jason believes that large institutional investors (such as sovereign funds, insurance companies, university endowments, etc.) prioritize assets that are simple to understand and have high liquidity. Therefore, at this stage, these institutions are mainly focused on Bitcoin or a few related stocks.

He pointed out that XRP and SOL are widely关注ed also because they have characteristics such as long-term existence, large market capitalization, and good liquidity. Jason emphasized that finance is essentially a supply and demand game, and investors should pay attention to the movements of large funds.

Bull Market Top Prediction

Jason predicts that the peak of the Bitcoin bull market may be around $150,000. He believes that to reach this price, the market needs an additional inflow of $50-100 billion. This funding could come from state governments across the United States, as many states are discussing investing in Crypto Assets.

He also suggested paying attention to macro on-chain data and emphasized that the current market transparency is relatively high, mainly because key event dates are announced in advance under the US-dominated market environment.

The Future of Crypto Assets Market

Jason expects that the traditional four-year market cycle may no longer exist, as the pressure on the supply side has weakened. He believes the market will gradually become more like the stock market, and different Crypto Assets may exhibit independent narratives and trends.

He also predicts that the concept of tokens may be redefined in the future, allowing tokens to distribute dividends and buybacks, further promoting the formation of independent narratives.

Strategy for Choosing Small Coins

For investing in small coins, Jason's strategy is to only choose projects founded by people he knows. He believes that as long as the founders continue to work and grow, the most that investors lose is just the opportunity cost.

When evaluating founders, Jason pays special attention to their growth potential. Whether they are sales-oriented or pragmatic founders, as long as they can continuously bring in new insights and take concrete actions, they can become good founders.

Methods for Continuous Improvement

Jason believes that the key to continuous improvement lies in honestly facing one's mistakes and learning from them. He recommends reading "The Road Less Traveled," which taught him how to properly deal with his own mistakes.

In terms of trading, he suggests improving skills through practice, iteration, and review. Recording the reasons for each trade and continuously accumulating experience is an effective yet challenging approach.

Finally, Jason recommends paying attention to the trader "Lunch", believing that he has a deep understanding of Crypto Assets and knows how to make choices.