I Asked 2 VCs If I’m Wrong About Altseason… [HARSH Reality Check]

Crypto Banter

Video Transcript Summary

Introduction

The host discusses a previous video that sparked controversy regarding the potential for an "old season" in 2025, where altcoins outperform Bitcoin. He introduces two special guests, Tom and Joey, who are VCs, to share their opinions on the matter.

Definition of Old Season

The host defines an old season as a period when altcoins collectively outperform Bitcoin, requiring more capital to flow into altcoins than into Bitcoin on a relative basis.

Challenges to Old Season

The host mentions two significant challenges:

  1. Michael Saylor's investments in Bitcoin.
  2. The influx of capital from ETFs into Bitcoin, making it difficult for altcoins to outperform.

Guest Opinions

  • Tom: Agrees that an old season like those in the past might not happen due to the increased number of tokens and market dynamics. However, he believes in selective alt seasons where specific coins outperform.
  • Joey: Thinks the definition of an old season might need adjustment, considering the performance of altcoins relative to Bitcoin's market cap. He suggests looking at the flow of capital into altcoins compared to their market caps.

Ethereum Discussion

The conversation shifts to Ethereum, with Joey discussing his bullish stance due to its layer two scaling roadmap. However, the host and Tom raise concerns about Ethereum's complexity, the challenge of bridging assets across different L2s, and the high valuations of some altcoins.

AI Agents and Meme Coins

  • Joe: Discusses AI agents and meme coins, citing examples like Pudgy Penguins and Trump's meme coin. He believes meme coins can represent ownership in something unique and are interesting as long as everyone understands the risks.
  • Tom: Shares skepticism about meme coins, citing their commoditization and the difficulty in predicting their success.

Other Narratives and Tokens

  • Tom: Mentions being overweight on Solana and interested in the D-PIN (Decentralized IoT) narrative, particularly with Peak, an L1 for deep IoT-focused networks.
  • Joey: Talks about his interest in Render, a public markets exposure to the crypto AI narrative, anticipating it will outperform as new AI models are released.

Conclusion

The hosts and guests conclude the discussion, highlighting the complexity and evolving nature of the cryptocurrency market, with various narratives and tokens showing potential for growth and investment.