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On people leaving crypto. The surface area of companies shrinks in a bear market, so there are simply fewer well-paying jobs rn. If you want to stay in the industry, you're left with a handful of well-funded companies (Coinbase, Circle, @raincards ahem) that can ride things out, or taking less money and a flier on an earlier stage company. AI-land is the opposite. Tons of funding, tons of companies hiring and paying top dollar for talent. And AI is the sexy new thing that crypto was in 2021. It's hard to resist. That said, it does seem like this AI cycle is unwinding: ~ Situational Awareness margin call ~ SpaceX IPO 50% off its high ~ OpenAI reportedly pushing its IPO to 2027 ~ runaway AI capex increasingly funded with debt People chasing AI roles right now are likely to experience some thrash should the music stop playing for a while. I saw the same thing happen to people who left cushy finance & FANG jobs for crypto at the end of 2021. Reasons to stick with crypto People who join the industry in non-consensus times tend to reap the benefits. Eg the people who stuck around in 2018/19 got paid in 2020/21. Sentiment is bad right now, and maybe asset prices get worse if the AI trade unwinds, but it's never been more obvious that this is still a 1000x industry. Stablecoin adoption has hit escape velocity. They're just better and faster in many scenarios (cross-border, global payments, etc). It becomes more obvious every day I spend at @raincards that stablecoins are coming for all of finance. Cool so dollars on the blockchain work. Next put every stock & bond on them, and suddenly we've swapped out the 1970s back-office software that underlies the financial system with something internet native that's better, faster, stronger. Yahtzee. Now sprinkle some AI agents on it. That is coming, and crypto x AI is where I'd take a swing if I were earlier in my career. So TLDR: I get the pull of AI, but crypto is still a more interesting place to be than it ever has been.
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