Dragonfly: The crypto industry hasn't lost to AI; the shift in capital is just a normal market adjustment.

As artificial intelligence continues to attract significant venture capital and market attention, some industry insiders are beginning to worry whether the crypto industry has missed its "ChatGPT moment." In response, Haseeb Qureshi, Managing Partner of crypto investment firm Dragonfly, stated that this comparison is misleading; the crypto industry has not been replaced by AI, and the shift in capital flows is simply "a result of the normal workings of capitalism." Qureshi pointed out that AI and crypto products are fundamentally different. Currently, most AI users utilize free services, while crypto assets do not have a "free tier." He stated that approximately 80% of Americans have tried AI tools, and about 15% have held crypto assets, which already represents widespread adoption. He believes the core fundamentals of the crypto industry remain solid, especially the outstanding growth of stablecoins, whose supply continues to maintain an annual growth rate of approximately 50%. Despite a cooling market sentiment, the overall size of crypto assets remains around $2 trillion, with high technological leverage, allowing small teams to build global-scale projects. Regarding the significant shift of venture capital funds towards AI, Qureshi believes this does not signify the decline of the crypto industry, but rather a correction of the excessive financing of previous years. He stated that increasing investment during market downturns is actually a more rational strategy, and Dragonfly's recent announcement of a new $650 million fund is based on this judgment. Qureshi holds a cautious view regarding the prospects of combining AI and cryptography. He believes that it will still take several years for AI agents to truly adopt cryptography on a large scale, and AI will not be the "savior" of the crypto industry's recovery. Qureshi concluded that the crypto industry is currently facing more cyclical fluctuations than structural recessions, and market volatility is a normal part of long-term development. "There's no need to be overly pessimistic; this is not a disaster."