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Topic: The Crypto Proposition for 2022 - Key trends, people, companies, and projects in the crypto space worth watching, along with predictions for 2022.
Original report download link: https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf
2021 was a big year for these heavyweights.
In 2021, many impressive technologies were built, and some founders deserve high praise (they are introduced elsewhere in this section and throughout the broader report), but honestly, most importantly, it was an iconic year for whales. Especially those large investors who survived the 2018 bear market unscathed and achieved some of the biggest wins in 2021.
Kyle Samani's Multicoin Capital had a historic year (by both crypto standards and venture capital standards), winning billion-dollar bets across various crypto sectors. The Graph, Helium, Arweave, and Solana all reached unicorn status this year, and it’s rumored that Multicoin's AUM surpassed $10 billion during this process. Retail investors followed the hot hands in crypto, and no one embodied the goal of moonshot seed investments more than Multicoin. They "talk their book" through public investment memos, but I've learned a lot from them, even though I ended up on the wrong side of some themes (f*cking zcash).
On the other side of the world, another giant, Su Zhu's Three Arrows Capital, has accumulated one of the largest funds in Asia and boasts one of the best-performing portfolios. They were also one of the biggest bettors in the Grayscale Trust trade in 2020, where NAV premiums dropped significantly for much of the year. Their stakes in Solana, Avalanche, and Polkadot soared, and Su Zhu didn't hesitate to leave previous alliances, calling it what he saw as daring enough to kick the hornet's nest.
Then there's CMS Holdings.
No one in crypto is more interesting than the penguin (CMS's logo), and they tend to like everything.
CMS promoted the “hot money ball” meme at the beginning of the year.
He sent one of our analysts $5,000 worth of Girl Scout cookies.
He mercilessly mocked bearish traders and paper-hand traders.
He bought a 7-inch cube.
He paid people to bring nonsense from Twitter into live debates.
There are rumors that he even bid on a dinosaur.
(If true, that might be the only deal he missed out on this year.
) More funny things happen at CMS in a day than you might experience in a year.
(Translator's note: CMS's Twitter bio reads "Do you wanna make money or do you wanna be right.")