This group’s confidence was not shaken by the crypto-related events of the 2022 “pullback” of bitcoin (BTC), ether (ETH), and other coins, the crypto credit crisis or the ensuing contagion. Their reactions to these events ranged from sanguine (“the events of 2022 … do not mean much to me or crypto”) to fatalistic (“it [crypto] will bomb a few more times before it becomes institutional before we can trust actors know what they are doing”) to gleeful (“I’m all for the crash”), with several others viewed the events as a “necessary capitulation” that would result in a better, healthier ecosystem. More generally, none thought 2022 spelled the death of crypto. On the contrary, they generally agreed with an endowment chief investment officer (CIO) that “crypto and blockchain are here to stay.” However, they all agree that for them to commit meaningful capital to crypto, the future of crypto must look much different from the past.
