The Internet Investor's Journey in Crypto Assets: From Penetration Rate to Precise Selection

In an online conversation, a seasoned internet investor shared his investment journey and insights in the Crypto Assets field. This investor has worked for several well-known institutions and later founded his own fund, NDV.
He first encountered Crypto Assets during the ICO boom in 2017, but at that time his understanding of the field was still superficial. It wasn't until 2020 that he truly delved into Crypto Assets and was attracted by the logic of "penetration rate." He believes that just as the penetration rate of e-commerce grew from 3% to 30% over a decade, there is also significant growth potential for the global user base of Crypto Assets.
In 2023, after founding his own fund, his main investment strategy centered around "institutional penetration rates." Initially, they chose to buy GBTC due to its discount at the time. After the approval of the ETF, they turned their attention to