0/ I’m excited to publish our updated investment thesis for @Multicoin. Together with @spencerapplebaum_ and @shayonsengupta, we refined our core thesis and crystallized 8 themes we believe will define the most exciting investment opportunities over the next ~5 years.

1/ As we reflected on the past 8 years, something stood out: Nearly everything we thought could happen… actually did happen. DeFi happened. Bitcoin became widely recognized as a store of value. Regulatory policy has been updated for crypto. Digital dollars have taken off.

2/ More importantly: fundamentally better infrastructure was built. When we started, blockchains were slow, expensive, and hard to use. Now the infrastructure is mature. It works at scale. That leads to the next question for the crypto industry: what are blockchains for?

3/ Our updated and simplified thesis: Blockchains are the first-principles-correct technology to move money, coordinate and program capital formation, and power global financial markets.

4/ As the core infrastructure built over the past decade ossifies, the focus moves to building businesses not just technology.

5/ This is what excites us most at @Multicoin. A new wave of founders is coming, but this time with: • Clearer regulations • Scalable infrastructure • More sophisticated users The setup is fundamentally different than before.

6/ Our core investment themes for the coming years are: 1) Fintech 4.0 2) DeFi Mullet 3) Financial Globalization 4) More Efficient Borrow/Lend 5) Entertainment Finance 6) Programmable Ownership 7) Credibly-Neutral Blockchains 8) New Cryptographic Primitives

8/ Correcting Spencer's handle to @SpencerApplebau This is the last tweet in this thread