Hello,
Picture a gold bar sitting next to a Bitcoin hardware wallet.
Most would say they're the same thing—just one digital, one physical. But what if that comparison is fundamentally flawed?
In this conversation with Kyle Samani, Managing Partner at Multicoin Capital, we explore why the "digital gold" narrative might be one of crypto's biggest intellectual blindspots. While conventional wisdom projects the past 2000 years of gold's monetary history onto Bitcoin's future, Kyle argues this reasoning by analogy misses something crucial. Utility drives adoption. Gold's value came from thousands of years of human coordination and shared belief.
The heart of the discussion lies in Kyle's method of evaluating protocols—not by accepting inherited wisdom about "sound money" or "credible neutrality," but by interrogating every premise from first principles. This contrarian lens led Multicoin to challenge sacred assumptions: does bitcoin really function as digital gold? Is Ethereum's decentralisation as robust as it seems?
Kyle’s most provocative assertion was that bitcoin and Ethereum do not solve any meaningful problems. Sound radical. But his argument unfolds methodically, addressing technical architectures, user needs, and institutional realities.
Whether you agree with him or not, this conversation helps cut through the noise and uncover truths. For founders, investors, and anyone interested in how transformative ideas emerge, Kyle’s insights offer a valuable framework for rethinking what drives value in the digital economy.
Wading through AI Agents,
Saurabh Deshpande
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