Crypto Mega Theses

Multicoin Capital is a thesis-driven crypto fund that invests in networks and companies reshaping entire sectors of the global economy.

While a bit dated, this essay aims to define and articulate the three mega-investment theses for crypto. The team defines mega-investment theses as those in which the addressable market is measured in the trillions of 2019 USD.

Multicoin expects these theses to play out over a decade or longer and roughly in the following order:

  • Open finance – just as the proliferation of capital markets over the last 100 years enabled staggering levels of wealth creation, open finance will make capital markets more efficient and accessible to everyone on the planet.
  • Web3 is about empowering consumers to control their own data, as opposed to the status quo in which tech giants, credit bureaus, advertisers, healthcare providers, etc. hoard consumer data.
  • Global, state-free money – could be thought of as digital gold. However, Multicoin find that the “digital gold” framing is too narrow and substantially understates the opportunity. Global, state-free money is a superset of digital gold in terms of breadth and use cases, and represents a dramatically larger addressable market.