Why crypto VCs at Consensus Hong Kong are playing a 15-year game

The mood among top venture capitalists at Consensus Hong Kong was not retreat, but recalibration, as the crypto market experienced a prolonged downturn. Hasseeb Qureshi, managing partner at Dragonfly, described today’s venture market as a “barbell:” On one side, proven verticals compounding at scale; on the other, a narrow set of high-risk, next-generation bets. “There’s stuff that’s working, and it’s just like, scale it up, go even bigger,” Qureshi said, pointing to “stablecoins, payments and tokenizat ...