Jason Yanowitz

Jason Yanowitz × Santiago Roel Santos

AI’s narrative dominance masks a possible crypto bull market, as Yano reports revived interest after 18 barren months and tokens that have increased 50 times.Anthropic’s reported $1 of revenue per $60 of compute, possible ARR stabilization, and customer switching leave frontier-model economics unresolved, while 1 gigawatt of AI capacity costs $50–60 billion.Falling inference costs could strand capacity or trigger Jevons’ paradox, as LPs seek crypto’s growth-stage fintech opportunity as a countercyclical alternative to crowded AI.

Jason Yanowitz × Santiago Roel Santos

Blockworks logged more sales calls than in any recent period, while inbound leads rose as fintechs and brokerages rolled out crypto.CLARITY remains uncertain; SEC and CFTC rulemaking could catalyze innovation, but unclear token value accrual and falling CEX volume leave institutional adoption unresolved.

Jason Yanowitz × Santiago Roel Santos

After eight months across 20-plus sectors, Santos says Inversion’s crypto-embedding thesis failed to clear the return hurdle, shifting focus to quality, cash-flowing businesses.On-chain B2B borrowing costs 8–12%, while crypto FX quotes sit 20–50 basis points above mid-market; Robinhood Chain’s more than $500 million in Uniswap volume and roughly 150,000 new active wallets show verticalization, though P&L value remains disputed.

Jason Yanowitz × Santiago Roel Santos

Crypto venture is splitting into a weak early-stage market and improving later-stage payments, stablecoin, tokenized-asset and M&A activity.Stablecoin transfer volume remains distorted by bots, but adjusted metrics, card swipes and about 30 public-company implementations offer stronger adoption evidence.Kalshi’s reported $40B raise remains unconfirmed as fee compression looms, while institutional clearing and block trades could expand prediction markets.

Avichal Garg × Jason Yanowitz

AI’s dominance makes early-stage entry difficult, pushing Electric Capital toward cold spots such as crypto.Certora’s formal verification could become critical as AI-powered attacks target DeFi securing billions.Stablecoin rails may let 5-6 billion people with limited U.S. market access pay higher P/E multiples for on-chain cash flows, though token re-rating depends on durable revenue and buybacks.

Jason Yanowitz × Santiago Roel Santos

Hyperliquid is emerging as Wall Street’s crypto entry point, as one hedge fund bought its DAT after being unable to hold HYPE, seeking an uncorrelated position.Weekend commodities trading gives TradeXYZ a price-discovery role, while US approval could rerate the asset and Kraken’s Deutsche Börse investment and possible SpaceX-linked IPO add catalysts.

Jason Yanowitz × Santiago Roel Santos

Santi is redeploying less than 10% of his cash into equities down 30-50%, while Rob sees near-$120 oil favoring patience.Crypto venture is consolidating around runaway winners, with sensible $20-25M seeds alongside $50-100M+ stablecoin froth.Drift’s $280M hack exposed operational-security risk, while Google’s 20x qubit reduction points to a maybe-2029 wallet threat and Jason predicts a Bitcoin hard fork this year.