One of the earliest employees at Coinbase and now the top guy at Polychain Capital, Olaf Carlson-Wee, believes that Silicon Valley’s best techies are now moving to the cryptocurrency sphere. Speaking at “The Ledger,” a show on Fortune, he said that tech giants like Google, Facebook, Snapchat, and LinkedIn are being poached of top talent as this talent is moving to cryptocurrency start-ups. He spoke of his recent encounters in the Bay Area.
Current Prices Don’t Determine Future Outcomes
Carlson-Wee believes that the current prices of cryptocurrencies are not a useful metric to check the health of this emerging space. He said:
“What I pay attention to is not the month-to-month market prices of assets but developer momentum around building novel applications.”
GitHub repositories, according to him, are one of the most significant measures of developer enthusiasm in this sector.
The future of the digital asset sector is bright with innovative projects like WASM compiler, which lets developers use familiar languages to create blockchains. Another project, called Dfinity, is working toward interoperable blockchains. As developing blockchain architecture becomes easier, the industry will flourish. According to the expert, the number of people working on distributed ledger technology could increase ten times.
In fact, he believes that developers in the field are outsiders instead of banking and tech professionals. He went on to say that people who “sound deeply unqualified to be doing what they’re doing” are creating the best stuff today.
The Polychain Capital Effect
Polychain Capital is the first $1 billion cryptocurrency fund. After accomplishing a humongous asset size under its management, Carlson-Wee suggested that his fund is “long only” and that he is not using quantitative analysis or any other methods to make sense of the market. A highly enthusiastic Bitcoin investor, he once tried to live off cryptocurrency as well.
The fund saw massive interest from venture capital firms. Though the company did not reveal the names of all their limited partners, some of the biggest funds in the industry are involved with them, including Sequoia, Bessemer, Union Square Ventures, Andreessen Horowitz, Bain, and Founders Fund.
Top Tech Talents Move to Cryptocurrency Projects Leaving Typical Silicon Valley Perks Behind was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.