Viktoriya Tigipko is one of the most recognized names in the Eastern European VC community and is a native of Ukraine.
She runs TA Ventures, a pre-seed and seed stage VC, since 2010. Additionally she founded iClub (an angel network), WTech (a community for women in tech), and is Chair of the Board at the Ukrainian Startup Fund.
Guest Author: Viktoriya Tigipko
After a decade of watching the crypto space evolve, I can confidently say we’re witnessing a pivotal moment in financial history.
The numbers don’t lie – and as a VC who loves diving into data, let me share some insights about where we are and where we’re headed.
Crypto has really taken off of late
Bitcoin recently shattered all previous records, soaring past $100,000 a couple weeks back. To put this in perspective, that’s a staggering 540% increase from its lowest point in 2022 of just $15,600.
Looking at the data, institutional money flows into Bitcoin hit unprecedented levels, with over $12 billion in net inflows during Q1 2024 alone.
Ethereum hasn’t been sitting idle either. After successfully transitioning to proof-of-stake in 2022, ETH has continued to dominate the smart contract platform space, commanding over 55% of Total Value Locked (TVL) across all DeFi protocols. We’re seeing daily transaction volumes consistently exceeding $5 billion, signaling very robust network activity.
The excitement in the space is palpable. When I meet entrepreneurs in this space recently it’s like the energy just radiates off of them.
In a way it reminds me of the early days of the internet – but this time, with much more sophisticated infrastructure and institutional backing.
Crypto has gone mainstream
The approval of spot Bitcoin ETFs in January 2024 was arguably the most significant milestone in crypto’s journey to mainstream adoption.
Within the first two months, these ETFs accumulated over $50 billion in assets under management – a pace that surprised even the most optimistic analysts.
What makes this particularly exciting is the accessibility factor. Your neighbor, your dentist, or your grandmother can now invest in Bitcoin through their regular brokerage account. No more dealing with seed phrases, hardware wallets, or complex exchanges. This simplification of access is exactly what the market needed.
The entrance of financial giants like BlackRock, Fidelity, and Franklin Templeton has fundamentally altered the landscape. When the world’s largest asset manager with $9 trillion under management enters the crypto space, it sends a clear signal: crypto has become too big to ignore.
The election of Trump probably helped this happen
The regulatory environment has played a crucial role in recent developments. The previous Biden administration’s approach to crypto regulation was probably overly cautious, with multiple enforcement actions and regulatory hurdles that many in the industry found challenging to navigate.
The perspective shift became evident when Marc Andreessen and Ben Horowitz discussed this openly on their “Build the Future” podcast. Their analysis of how regulatory uncertainty had been holding back innovation in the space resonated with many of us in the VC community.
Trump’s supportive stance on crypto has already influenced market sentiment. His public statements about wanting to promote “cryptocurrency freedom” have contributed to the recent market rally. The appointment of David Sacks as a senior advisor for crypto policy, or as some say “Trump’s Crypto Czar”, indicates he means what he says.
Where will Crypto go these coming years?
Valuing crypto assets remains one of the most debated topics in financial circles. Bitcoin’s market cap currently stands at around $1.8 trillion, while gold’s market cap is approximately $13.8 trillion. If Bitcoin were to capture even 25% of gold’s market as a store of value, we’re looking at potential prices well above $150,000 per BTC.
Ethereum’s value proposition is different and potentially even more compelling. With the growth of DeFi, NFTs, and the emerging wave of tokenized real-world assets, Ethereum is positioning itself as the settlement layer for the future of finance. Conservative estimates suggest the market for tokenized assets could reach $16 trillion by 2030.
Looking ahead, we can expect several exciting developments. The implementation of EIP-4844 (Proto-Danksharding) will significantly reduce transaction costs on Ethereum. We’re also seeing promising advances in zero-knowledge technology that could revolutionize blockchain scalability and privacy.
Closing thoughts
As someone who’s been investing in technology for over a decade, I’ve gotten better at distinguishing between hype cycles and genuine paradigm shifts. Web3 represents the latter in my view. The infrastructure is maturing, institutional adoption is accelerating, and the regulatory environment is evolving favorably.
The next few years will be crucial for the space. While we’ll undoubtedly see continued volatility, the fundamental value proposition of decentralized digital assets has never been stronger. For those of us in the venture capital world, the opportunity set is expanding daily.
Remember: the internet seemed confusing and overvalued in 1995. Today, we can’t imagine life without it. Web3 is following a similar trajectory, but at an accelerated pace. The question isn’t whether this technology will transform our world – it’s how quickly it will happen.
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