Hello,
"I would probably want to kill myself if I'm heading a foundation right now. There are no good answers. You're just in it for the suffering."
That's what running a crypto project feels like in 2024, according to Larry Cermak, The Block's CEO.
Larry has had quite the journey in crypto. It began in his college days when he searched for NBA accounts to buy with BTC. Post which, he turned down an offer to join Binance - and missed a 300 times return on BNB. Quite recently, he had to handle layoffs and M&A as CEO at The Block. It almost reads like a veteran's playbook but also shows signs of rapid growth in an industry that never stops evolving.
Larry’s perspective cuts through the noise. Having worked under Larry, I experienced his hands-off, "just get things done" leadership style firsthand, and that ethos shines in this conversation.
Larry pulls no punches: the era of easy 100x returns is over unless you are willing to be in memecoin trenches. This sentiment has echoed throughout recent conversations—Arthur and Mika shared similar views in their episodes. It's not just the market dynamics that have shifted. Crypto has evolved from its 2016 "wild west" roots to becoming a topic presidential candidates discuss on campaign trails. The industry's professionalisation is a double-edged sword: while the quality of coverage has transformed from CoinDesk making "fatal mistakes in one of three articles" to Bloomberg having actual crypto experts on staff, it's come at the cost of shrinking opportunities for the hustlers who thrived in its earlier chaos.
Larry shares valuable advice for aspiring analysts. Building a strong Twitter presence is crucial. He emphasises the importance of being active, sharing insights that people care about, and finding a core group to engage with. As per Larry, having a notable audience not only helps you grow professionally but also opens doors within the industry. But growing your Twitter, like almost everything, has diminishing returns. You need to know when to stop.
Our industry has overcome multiple obstacles along the way, but that doesn’t guarantee success. "I think it's possible we fail to scale it to billions of users," he admits about crypto's mainstream adoption mission.
"Everyone keeps quoting these numbers like 'yeah, 50 million people in the US interact with crypto.' I'm like okay, what does it actually mean? 99% of them just hold Bitcoin on Coinbase. That's not what bitcoin is for."
This is what a true insider sounds like— someone who's seen enough cycles to be sceptical, but remains just optimistic enough to keep building.
The conversation is essential listening for three groups – Analysts looking to break in, founders navigating today's brutal fundraising landscape, and industry veterans seeking a candid perspective on everything from Solana's scaling bet to crypto's growing intersection with politics.
It's a reminder that in an industry obsessed with numbers, the human element – making tough calls, managing expectations, and staying curious – remains paramount. The crypto landscape today is more mature and more challenging. The easy opportunities are probably a thing of the past, but the important work is just beginning.
Signing off,
Saurabh Deshpande
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