Venture capitalist Katie Haun says that the current crypto bear market is the first of its kind since the inception of digital assets over a decade ago.
In a new interview, the CEO and founder of the web3-focused Haun Ventures says that unlike in previous cycles, the current crypto downturn coincides with a global economic turmoil.
“What hasn’t happened is a crypto winter in the midst of kind of really serious global macro conditions. We have inflation – kind of at record highs for our generation and in our lifetime, and then we have also a war that’s broken out in Ukraine and we have a number of other factors going on here. So that’s very different.”
The downturn has already seen the demise of industry behemoths like Terra (LUNA), Celsius Network and Three Arrows Capital, but Haun says that crypto is less likely to recover soon.
“I would say the only thing that’s changed in our strategy as a result of the market correction is really more of a focus on the early stage, but we still have our late-stage fund and when we see valuations, which I think we’ll still see correct.
Spoiler: I think we’ll continue to see some corrections, so we might deploy our later-stage fund a little bit more slowly. It might not be on an even 50/50 cadence and that’s okay long-term. Our strategy hasn’t changed long term. We’re committed to this space.”
Haun also shares her thoughts on President Joe Biden’s executive order directing government agencies to look into the aspects and issues of crypto and make recommendations.
“We were so delighted to see that executive order. It’s not something you should normally be delighted about, but why we were is because it was, to us, a real recognition that this is the US government saying this field isn’t going anywhere, this field is growing. It’s growing so much that we are going to direct every single agency in the federal government to come up with a plan here.”
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