Multicoin co-founder has deleted the tweet: Cryptocurrency isn't as exciting as expected, and the potential of blockchain is limited

SmartContractAuditor · 2026-02-05T03:21:18+00:00

Multicoin Capital co-founder Kyle Samani stated that although he was optimistic about Web3, he believes blockchain is mainly valuable in the "asset ledger" aspect, with limited potential for other applications. He emphasized that decentralized physical infrastructure networks (DePIN) are an exception and pointed out that on-chain privacy remains a key challenge.

SmartContractAuditor

2026-02-05 03:21:18

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Odaily Planet Daily reports that in a discussion about the future development of the crypto industry, Kyle Samani, co-founder of Multicoin Capital, stated in response to a related tweet that cryptocurrencies themselves are not as “interesting” as many crypto enthusiasts hope.

Kyle said that he once firmly believed in the grand vision of Web3, but over time, he has come to see that the core capabilities of blockchain are mainly reflected in the “asset ledger” layer, which has significant value in reshaping the financial system, but its application potential in other verticals is relatively limited. He pointed out that decentralized physical infrastructure networks (DePIN) are among the few noteworthy exceptions.

Additionally, Kyle mentioned that on-chain privacy remains one of the unresolved key technical challenges and expressed optimism about Zama’s solutions in this field. The tweet was deleted by Kyle Samani shortly after it was posted.

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