Matthew Le Merle, Managing Partner Keiretsu Capital #2019bullorbearcrypto

welcome Matthew lovely to see you again it's always a delight I was wondering if you could tell me a little bit about what's happened this year in the crypto blockchain space it's was a year of great high and now a great low and I'm wondering if you've got a good overview of that yes well it's very broad question I think that 2018 was a year to continue to build on this protocol the blockchain protocol and the stack of new technologies that's going to be created and is being created on top of that protocol I think a lot of infrastructure was beginning to be put in place I think some real companies got launched and a lot of teams began to focus on learning how to build with these technologies on the other hand I think that the investment community got ahead of itself a little bit and I think we used an embrace the new form of investing technology enabled crowdfunding or icos which was a little bit a proof of concept and I think it will bode an awful lot for the future of investing tokenization and technology enabled investing is the future but I think that we allowed a lot of teams with unbaked ideas to raise capital through an unproven means and that obviously needed to reverse itself and then in terms of the actual crypt our assets and crypto currencies I think we funded a lot more than can be successful and winners and so we'll see a big short shake out in that regard but that's not 2018 that's what's coming and as regards investing in crypto do you have any insights about what happened is you well I think that for experienced investors we saw and knew that this is an important new area of technology and so the important steps are to be a long term investor to figure out good teams and good ideas and begin to stake out some presence in the space at that the crypto assets themselves as I already mentioned were probably over hyped but also over supported and if the failure rate will be high so from an investing point of view you probably didn't want to be a too active a token investor unless you were prepared to buy and sell very rapidly and I think for long-term investors tokens were a place to be careful and that will continue to be true and so tell me what's your vision of 2019 where are we going with the crypto blockchain well yes well in some regards I think it's a continuation of what I just said so I think 2019 is a year to continue to build core infrastructure to stand up real companies with real teams and to begin to figure out which targets of opportunity and value propositions make no sense and I think there'll be some obvious areas in payments and financial transactions perhaps also in areas such as tokenization and securitization of investments and there's some other areas that really will begin to get traction I think that the the people that sell the shovels to the miners the infrastructure companies and providers will continue to do quite well and we're seeing some of those companies become very real and substantial players the coin bases and avarice and so on of the world I think in tokenization we're gonna see a lot of failure but we always see a lot of failure in new technologies so I think 2019 continues to be as it always is for early stage investors a time to be very careful try and pick great teams with great ideas and be highly diversified but on the other hand are void ly crazy the unknown players with the lofty ideas and high valuations but potentially not a clear plan for realizing those promises and then in sort of cryptocurrency world to be honest I think there'll be very few winners I don't know that we'll see them surface in 2019 I think that's a three to five year conversation and I don't know who the winners will be so I think you either make a choice to stake out you know the top 15 20 protocols and hope that you get the three or five winners in the mix or else perhaps you sit on the sidelines and wait a little longer personally myself I don't think that we'll end up with hundreds and hundreds of winning global protocols I think we'll end up with a handful and it's not clear to me even in the top 15 that we have today that we can see more than three or five that were long-term players really appreciate that overview thank you so much for sharing and I think this was going to be a great panel I'm sure it will be and by the way the other panelists bit go and securitize and so on you've really got a great group together I'm looking forward to learning from them thank you so much Matthew very much

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