Why Kyle Is Intellectually Short Bitcoin

Kyle Samani is the Founder and Managing Partner of Multicoin Capital, a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. He joins Beezer Clarkson, Partner at Sapphire Partners, and Nick Chirls, Partner at Asylum Ventures, to discuss the philosophies that underpin Multicoin’s investment strategies. He also unpacks how blockchain technologies are already reshaping global finance away from legacy systems and towards embedded trading platforms that will sit within traditional messaging and media platforms.

Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners

Learn more about OpenLP: https://openlp.vc

Learn more about Asylum Ventures: https://asylum.vc

Learn more about Multicoin: https://multicoin.capital

Jerry Neumann’s post on markets v. innovation: https://reactionwheel.net/2025/07/a-look-at-growth

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CHAPTERS:

0:00 Welcome to Origins

2:43 The Origin Story of Multicoin

7:07 Financially Long & Intellectually Short Bitcoin

8:53 What Is an Internet Capital Market?

19:18 What Happens to Banks?

21:14 What Did You See In Solana?

30:22 The Rise of DATs

36:40 Did Web3.0 Live Up To Its Promise?

Origins is produced by Sapphire Ventures in partnership with⁠⁠ Pod People.⁠

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