That’s fair … maybe there will be some venture investments once bitcoin is being as a unit of account for most ventures but the venture investments will be incremental, not moonshots. More akin to 1980s private equity rather than 2010s SF VC … also, bitcoin only companies won’t exist…there will be software / energy / finance companies that leverage bitcoin and its attributes BUT they will be investing in serving customers, not building out bitcoin.

We’re in this weird time where most of the bitcoin only VC money is coming from “whales" looking to accelerate bitcoin adoption. The appreciation of their bitcoin bags is the goal, not the returns of any individual company/portfolio/fund they’re investing in.