🔥 Dragonfly Managing Partner Haseeb Qureshi mentioned in a YouTube interview: BTC is a generational asset, bullish on ETH and SOL!

Although the current crypto bear market is sluggish and many OGs are exiting, it is crucial to stick to long-term conviction and avoid recency bias. Crypto is essentially technology, and its value stems from growth narratives and generational wealth transfer, not current cash flow.

BTC: Generational Asset

Bitcoin is independent of cash flow, relying on social consensus and fixed supply like gold. The younger generation has a strong willingness to hold it, making it true 'digital gold'. Institutional adoption is still in early stages (e.g., Morgan Stanley just started allowing recommendations), but in the long term it will drive generational inheritance.

ETH and SOL: Driven by Growth Narratives

The market prices based on 'future scale potential', with low sensitivity to cash flow but high sensitivity to exponential growth. Similar to early internet bubble assets, Hyperliquid is a rare case combining narrative with real cash flow (derivatives expansion), with explosive potential.

Investment philosophy:
- Avoid short-term greed, learn 'long-term greed'. VC lock-up mechanisms help overcome selling impulses.

- Core of Silicon Valley model: celebrating failure, high trust, free flow of talent. China and Israel are among the few successful replicators. Crypto has passed the 'Wild West' phase; now it is the era of 'settlers' building, not 'pioneers' chasing extreme uncertainty.

- It's normal for talent and capital to flow to AI, but crypto still has room for exponential growth. In 10 years, the scale will far exceed today; those who persist in building will win.

During market downturns, pessimism is often overestimated. More exits have occurred after FTX, but we are still in the 'build and expand' phase. Dragonfly's secret: work harder than others!

As an old retail investor, long-term holding + conviction-driven is the only way.