The ONLY 6 Altcoins I’d Hold This Bull Market!

Ran (0:00)

Yan, walk us through it. Where are you guys seeing value? What should we ape into?

Jan (0:02)

So one asset, a bunch of us hold liquid is grass. It's one of the highest revenue generating assets in crypto that's kind of AI focused.

Ran (0:11)

MultiCoin also came out and they said, look, they took a position in grass. How much upside is there? I mean, it's trading at 67 cents now.

Jose (0:17)

I'm along like Zcash, Hype, Ethena and LIDAR.

Ran (0:21)

What's your LIDAR thesis?

Jose (0:22)

Primarily a team bet. I think LIDAR has like one of the most elite in terms of talent, density, teams and crypto.

Ran (0:28)

You guys mentioned that you were bullish at Zcash. How big do you think the opportunity is here?

Jose (0:33)

People were throwing around like 5% initially. Bullcase is now I'm hearing like 10%.

It's just like has so many tailwinds behind it.

Ran (0:39)

What's the theme of the thesis today?

Jose (0:41)

A dollar with yield is a structurally better product than one without it. And USD is going to be the highest yielding dollar.

Jan (0:47)

I like it has a very strong catalyst that probably most people haven't really dug into. One is they're moving beyond just base. On the other hand, the token model is changing.

Ran (0:57)

I agree with Yan. I think the are the biggest opportunity in crypto at the moment.

Jan (1:00)

Why?

Ran (1:00)

Because I think...

So it's not often that I can get the entire team from Delphi Digital on the line. And if you don't know who they are, Delphi Digital is, I think, one of the best investment and research houses in crypto. And as I mentioned, I managed to get a treat. I actually wanted to get one of the guys and I managed to get all three of the guys with me. I've got Jan, Tommy and I've got Jose. How's it going, guys?

Tommy (1:25)

Good, thanks for having us.

Jose (1:26)

Good, man. You're great to have you.

Jan (1:27)

I haven't heard from you for a while.

Ran (1:28)

As you said in the wedding room, you said it must be a bull market if we're all back on Banter.

Yeah. So listen, I know that some of you took this tweet very seriously. You, this tweet from Jason Calacanis, where he said if you're in crypto, pivot to AI. I know some of you like found your way to AI during the bear market and I'm kind of wondering now, we're back, kind of wondering how you see the asset class. Is it a bit more investible? Jose, you've mentioned that you want to follow the talent at one point and you kind of thought that a lot of the talent had maybe left crypto and gone back to AI. I'm kind of like trying to get a sentiment gauge of the AI versus crypto trade in your eyes today. Like, how do you feel about it, Jose?

Jose (2:13)

Yeah, I think in crypto, I guess I think that the frontier is AI, but not just AI, like biotech, deep tech, robotics. There's just like a bunch of different sectors that are inflecting at the same time right now.

It's the most exciting time ever to be in venture. And I think crypto venture is not as exciting because I don't think the top talent is attracted to crypto venture. There's always exceptions in every cycle. There's always people doing cool things in crypto and it's easier to find them actually when you're in a bear cycle. And we've continued to make investments in crypto.

Like venture investments in crypto too. But in general, I think personally, the more exciting venture opportunities are outside of crypto. And then within crypto, I think a bunch of things have like proven product market fit and they're in the deployment phase, the Curlout of Perez innovation cycle. And I think those can be captured in a liquid portfolio pretty well. And I think it's never been a better time to be like a liquid crypto investor. I think there's like a bunch of tokens that actually have cash flows, that are actually making efforts to drive them back to holders. And so, yeah, that's kind of how I see it overall. Like I have basically most of my venture exposure recently has been in AI, but I still have a significant sort of liquid portfolio exposure to crypto. And I'm excited about like some of those names.

Ran (3:34)

In terms of the venture portfolio, like when you invest in a crypto venture capital investment, you kind of know that the time to liquidity is going to be pretty short because there's the whole token, the whole development to it. When you invest in AI, you invest in venture, you could be locked up for the next five, six, seven years.