Crypto isn't losing to AI, its just 'capitalism doing its job,' says Dragonfly

Haseeb Qureshi, managing partner at crypto venture firm Dragonfly, disputes the notion that crypto is losing ground to AI, asserting that comparisons between the two industries are flawed because AI has a massive free user base (99% use free tiers), whereas crypto inherently requires payment ("There is no free Bitcoin"). He points to stablecoin supply growth of 50% year-over-year as evidence of crypto's underlying utility and global relevance, especially in payments. Qureshi views the shift of venture capital toward AI as normal market behavior—capitalism correcting overfunding in crypto after years of hype. He notes that crypto is highly leveraged technologically, allowing world-scale development with lean teams, unlike giants like OpenAI. Furthermore, he dismisses the idea that AI will immediately save crypto, predicting AI agents using crypto are years away. Ultimately, he attributes current gloom to short time horizons and cyclical market behavior, advising patience as the market corrects itself.

(Source：CoinDesk)