Crypto Assets Investment Master: How to Establish Lasting Influence in the Industry

In the field of Crypto Assets investment, finding opportunities for hundredfold returns is the dream of many investors. As a managing partner of the world-class Crypto Assets investment fund Dragonfly, Haseeb Qureshi is known for his unique investment insights and deep technical understanding. In a recent episode of a podcast, he shared his legendary journey from a professional poker player to a top Crypto Assets investor, as well as how to establish a lasting influence in this rapidly evolving industry.

Personal Background

Haseeb Qureshi is currently a managing partner at Dragonfly, a fund that manages billions of dollars in assets. His career has been quite dramatic: starting as a professional poker player, transitioning to a software engineer, then becoming an entrepreneur, and eventually entering the VC industry for over six years. Among all his professional experiences, investing in Crypto Assets has been the most challenging, but also the most valuable and meaningful choice.

At the age of 23, Haseeb made a radical decision: to keep only $10,000 for basic living expenses, while donating the rest or giving it to his parents as retirement funds. This decision gave him a new perspective on life. He discovered that true fulfillment comes from learning new knowledge, achieving personal growth, and establishing genuine connections with the people around him.

Similarities and Differences Between Poker and VC

The essential difference between venture capital and poker lies in the length of the feedback cycle. The correctness of a poker decision can be validated in a very short period of time, whereas the quality of a venture capital decision often takes six to seven years to become truly clear.

In poker or trading, making the right decisions brings immediate and intense rewards. However, in venture capital, success is a gradual process, more like nurturing a tree. This process requires investors to have strong patience and perseverance.

Investment Judgment

In the field of venture capital, judgment of people is often more critical than analysis of business models. As experience accumulates, investors gradually come to realize: they must learn to trust their instincts. The key is to see through the superficial social validation and to perceive the essential characteristics of a person, considering the choices they might make when faced with pressure, uncertainty, and moral dilemmas.

Some Thoughts

Structured Learning

Learning can be divided into two types: structured learning and unstructured learning. Structured learning has clear learning paths and tool support, while unstructured learning is often the most valuable and offers the highest market returns. In real professional environments, especially in roles that can create high added value, there often isn't a ready-made manual or training materials.

Money can't buy happiness

Haseeb realized early on that money cannot bring true happiness. Research shows that after income exceeds a certain level, the increase in happiness sharply declines. People's happiness comes more from personal progress, growth, and connections with others.

Effective Altruism

The effective altruism (EA) movement has entered a "bear market" following the FTX incident. Haseeb believes this is somewhat healthy, as those who claim to be EA will now be questioned, which can test people's true beliefs in these ideas.

Views on Crypto Assets

The core of Crypto Assets is a philosophy. It raises a fundamental question: should the flow of value and funds be at the discretion of individuals, or should it be controlled by the state? The development of Crypto Assets is inevitable, just like social media, and regardless of whether people think it's good or bad, it has already become a part of reality.

Crypto Assets may be the only significant technological innovation in the past 50 years that truly serves individuals rather than nations.

The Key to Success

Key principles for success in the Crypto Assets field include:

1. Improve technical understanding ability
2. Start writing and sharing publicly

Newcomer Suggestions

For new investors, the most important thing to recognize is that almost all significant Crypto Assets projects are created by industry natives, not by elites from Google or Harvard.

The key to becoming a native of Crypto Assets is to find your unique advantage, maximize this advantage, and identify the crypto projects or people that need this skill the most, proving your value through practical actions.

Number of Fans ≠ Influence

The number of fans does not equate to influence. The true way to build influence is to create value for the industry, help founders solve problems, do meaningful things behind the scenes, and provide value in every interaction.

Experience and Reflections of VC

Venture capital plays a unique role in the Crypto Assets industry by identifying talented individuals and providing the necessary support to help teams succeed. This collaborative approach may be the best way to engage in this disruptive and significant industry.

Impersonation and Self-Perception

Impostor Syndrome is common. The key is not to overcome this feeling, but to learn to coexist with it. It is precisely this "outsider" perspective that allows investors to see the problems that founders may overlook.

Success VS Failure

In venture capital, there is no such thing as a "big breakout moment". The biggest mistake is often not making a wrong investment, but rather missing out on a good project.

The Eternal Dilemma of Investment

As an investor, you will never be completely satisfied. But this discomfort is normal and even a good thing. If you feel too comfortable, it might actually be a warning sign.

Maintenance of public image

The best way to cope with changes in public image is to maintain transparency, speak out your true thoughts, and continuously create value. In this rapidly evolving industry, it is not necessary to get caught up in every controversy.

Future Outlook

In the next 12 months, market direction will largely depend on the policy trends of the Federal Reserve. The institutionalization process of Crypto Assets is an irreversible trend, but this process will be relatively gradual. It is expected that the growth trend in the next two to three years will become more rational, but once a new market cycle begins, market direction may exceed conventional expectations.

Overall, Haseeb holds a cautiously optimistic attitude towards the Crypto Assets market, but expects the volatility to be less than that of the 2021 cycle.