Crypto Settlers Must Persist Amid Recessionary Sentiment

Dragonfly Capital partner Haseeb Qureshi recently spoke about his views on the current state of crypto, and how it's essential to persist as a 'Settler' in this space. He acknowledged that many early investors are leaving due to market declines and internal company issues.

'I still insist on being a Settler,' he said. Qureshi emphasized that being a VC is not just about making good investments, but also about working hard to achieve profitability. 'We work harder than they think' at Dragonfly.

Qureshi attributed the current exodus of investors to recency bias, where people overweigh recent events and neglect long-term data or historical patterns. He compared it to the post-FTX collapse sentiment, saying that this week's market decline feels worse due to its proximity.

The Silicon Valley model is a key aspect of Qureshi's discussion. He highlighted how celebrating failure is normal in Silicon Valley, unlike other places where it can be seen as a lifelong stain. High trust and the free flow of information are also essential components of this model.