- As crypto hit a $3 trillion market cap, everyone from retail investors to major banks is chasing it.
- But top VC Wesley Chan told Insider he didn’t think coins would retain their value.
- He said the real money would be made from crypto infrastructure.
There’s no reason “coins named after dogs” should be worth billions of dollars, Wesley Chan, a top venture capitalist told Insider. Chan was referring to dogecoin, which started as a joke, and shiba inu, which started as a meme. Both are now popular investments.
The Google Ventures veteran – who has backed 20 unicorns, including Robinhood, and now runs his own firm, Felicis Ventures – said crypto coins were too speculative for serious investment.
“You have to be careful to differentiate the fad from the actual benefit of whatever is being invented. In crypto, there’s a coin, which I think is a fad,” he said. He added that it’s the tech that allows crypto and blockchain to flourish where the real money would be made.