If You Want To Get Rich, Hold Bitcoin - Haseeb Qureshi, Dragonfly Managing Partner | E177

**Haseeb Qureshi** (0:00)
In my time in this industry, there have been these dark moments, these dark nights of the soul. You have to look inside, you have to ask yourself, why do I actually believe this? Because everything is moving against me. The entire universe is conspiring to say, Haseeb, you're an idiot. You have to believe that something much bigger, much longer term is happening, of which this is one temporary snapshot.

**Kevin Follonier** (0:17)
In hindsight, it looks obvious, right? But it was not.

**Haseeb Qureshi** (0:20)
I mean...

**SPEAKER_3** (0:22)
Haseeb Qureshi, the managing partner at Dragonfly, a leading crypto venture firm backing digital asset startups, he's a respected investor and technologist in the Web3 ecosystem.

**Haseeb Qureshi** (0:32)
There's so many people I know who came into crypto at the same time that I did, who didn't make money. How is that possible that you can enter the industry when Bitcoin and crypto and all this stuff is so low and still not make money? The answer is that we just didn't do the obvious thing, which is stay in the market, just stay in the market. As long as you stay in over a long enough time horizon, you will make money. It's basically guaranteed, but people don't do that.

**Kevin Follonier** (0:52)
What does Bitcoin look like when it's reached equilibrium price?

**Haseeb Qureshi** (0:55)
Saturation looks like Bitcoin is very poor. It looks like young people don't talk about Bitcoin anymore. That's like their parents do. That's how you'll know, etc. When you are kind of cringe for telling your kids about Bitcoin and they don't even know about it, that is when you're like, okay, we've now crossed the chasm to the point where Bitcoin no longer feels countercultural. It no longer feels like taking a risky bet. It actually feels like the thing you're supposed to do.

**Kevin Follonier** (1:15)
Why are you actively defending Ethereum and Solana, putting on your VC hat and giving hope to people who lost it?

**Haseeb Qureshi** (1:22)
Um, it's a good question.

**Kevin Follonier** (1:29)
Hi everyone, this is the little bit that I know none of you like that can help us make a huge difference for this show and we want to take it next. 71% of the people who regularly watch When Shift Happens have not subscribed. And so all I'd ask you if you want to make a huge difference is the following. If you've seen this show before and you like it, help me, help my team, hit the subscribe button and we'll continue to build this show for you. Thank you.
So I just do it this way, very easy. I have contact of a lot of studios now.

**Haseeb Qureshi** (1:59)
Yeah, easy.

**Kevin Follonier** (2:01)
Yeah, much easier. You outsource everything.

**Haseeb Qureshi** (2:03)
No, it's nice. I mean, when we're in New York, we always book the same studio for our Chopin block show.

**Kevin Follonier** (2:08)
Where do you go?

**Haseeb Qureshi** (2:10)
There's this place, I don't even remember the name. It's on Canal Street.
They're just super consistent. I don't remember the name, but they have nice studio, good lighting, very professional. And the main thing is just like we're like, it was called WTF Studios.

**Kevin Follonier** (2:24)
Oh, nice. No. I always go to this place called Melrose Podcast Studio in New York.

**Haseeb Qureshi** (2:31)
I think you've been there before. I know there's like just sometimes when, what's that?

**Kevin Follonier** (2:34)
Avenue B. It's more like a Lower East Manhattan, I think.

**Haseeb Qureshi** (2:39)
Yeah, I think we have recorded there once. I think like if we do it on short notice, sometimes you just grab whatever you can grab.
So it's-

**Kevin Follonier** (2:47)
Much better in real life.

**Haseeb Qureshi** (2:48)
Yeah, way better in real life.

**Kevin Follonier** (2:49)
So much better.

**Haseeb Qureshi** (2:50)
So much more energy.

**Kevin Follonier** (2:52)
Yeah, even when you don't have the energy like we don't have today. Bam! It's there. It comes back.

**Haseeb Qureshi** (2:57)
It's easy.

**Kevin Follonier** (2:57)
Or if the other one has more energy than you, you just like match the level.

**Haseeb Qureshi** (3:01)
That's right.

**Kevin Follonier** (3:01)
Whereas online is like, oh.

**Haseeb Qureshi** (3:04)
Yeah, way to turn.

**Kevin Follonier** (3:05)
Another Zoom meeting.

**Haseeb Qureshi** (3:06)
Yeah, I know. It's usually-

**Kevin Follonier** (3:07)
A Wi-Fi problem.

**Haseeb Qureshi** (3:10)
Yeah, yeah, yeah. Somebody drops in the middle of it.
So what are we talking about? Well- You're gonna surprise me.

**Kevin Follonier** (3:19)
Yeah. I mean, I'll surprise myself too.

**Haseeb Qureshi** (3:21)
Okay. All right.

**Kevin Follonier** (3:26)
More organic.

**Haseeb Qureshi** (3:27)