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It’s 2023. term sheet Thousands of VCs, founders, private equity investors, bankers, and other readers have taken a look at Crystal Ball to tell us what to expect in the year ahead.
This year’s issue features over 100 entries, ranging from a quick look at whether a venture capitalist is running for public office, to a thoughtful analysis of whether philosophy majors top hiring lists in an artificial intelligence-powered world. I dug into the forecast. And, of course, speculation about how many unicorns could lose their positions, and information about which sectors are most poised for his M&A deals. What about ciphers? Here’s what our readers said they have in store specifically for tokens, NFTs, or DeFi in 2023:
(Note: some answers have been shortened for clarity and/or brevity)
“Dubai will become the cryptocurrency capital of the world.” —Edith Yeung, General Partner, Race Capital
“Q1 2023 will see further pain and cascading failures of centralized entities in the cryptocurrency and blockchain ecosystem, but ultimately put the industry on a more sustainable trajectory. , will be a healthy cleanup that accelerates the pace of common sense regulation.Blockchain applications that provide utilities such as stablecoins and tokenized assets will continue to dominate, and monetary tightening will be stronger than expected. It will decelerate quickly and Bitcoin will outperform.” —Anthony Scaramucci, Founder and Managing Partner at SkyBridge Capital
“Web3 doesn’t seem to be going anywhere. But underneath the surface, some of the most important enabling infrastructure will be delivered in 2023.” —Richard Dulude, co-founder and partner, Underscore VC
“VC firms with dedicated crypto funds will reallocate to climate change.” —Lauren Salz, Sealed Co-Founder and CEO
“While SWIFT will continue to experiment with Central Bank Digital Currencies (CBDCs), more banks will join the USDF consortium, via bank-issued tokenized deposit stablecoins and via blockchain. It facilitates compliant transfer of value.” —Charles Birnbaum, Partner, Bessemer Venture Partners
“Crypto will lick its wounds in 2023, but we expect the next generation of crypto app companies to emerge in 2024.” —Russ Wilcox, Partner, Pillar VC
“In 2022, a number of centralized cryptocurrency institutions such as FTX, Celsius, and Voyager have collapsed. I think it’s going to come to be seen as being a traditional, poorly regulated fintech business, so founders building truly decentralized products will have to strengthen their resolve and see a resurgence in this space. Drive a new generation of on-chain businesses that will drive the 2023. Despite claims that “cryptocurrencies are dead,” I believe the next wave of transformational projects will begin in 2023. ”—Two Sigma Ventures Principal Andy Kangpan
“[About] 80% of all coins in circulation go out of business. But this is good for the industry, as too many projects have been speculative at best. The industry will feel a liquidity crisis through 2023, but only the top projects will be able to continue raising capital to maintain adequate capital, avoiding over-leveraging or being tied to large costs. Companies that do so will suffer.” —John Woo, President, Ava Labs
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