Dragonfly’s Haseeb Qureshi Warns Crypto VC May End by 2030 as Active Investors Drop by 87% From 2022 Peak

Dragonfly managing partner Haseeb Qureshi says crypto venture capital could lose relevance as dominant platforms capture more users and liquidity. The warning comes as the number of active crypto investors falls to its lowest level since late 2020. Key TakeawaysHaseeb Qureshi warned that crypto VC may face a last vintage as platforms dominate.

Cryptorank counted 150 active investors in July, down from 1,177 in May 2022, signaling consolidation.Dragonfly says 2030 may leave few startups, favoring founders who control distribution and economics. Cryptorank Counts Just 150 Active Venture Firms, Fewest Since November 2020 Crypto venture capital may be approaching a structural turning point, even if bitcoin, ethereum and stablecoins continue to expand.

Haseeb Qureshi, managing partner at Dragonfly, said the sector could eventually reach a “last vintage” as established networks become harder for startups to challenge. “At some point, crypto VC might just be over,” Qureshi said in a July 21 interview. “There might just be a last vintage.”

His warning is not a prediction that crypto will disappear. Instead, it reflects a market where scale, liquidity and network effects increasingly favor a small group of mature platforms. Social Media Offers a Warning Qureshi compared crypto with social media, which grew rapidly during the 2010s even though most of its leading platforms had been built years earlier.

Facebook, WhatsApp, Instagram and LinkedIn kept expanding, while Bytedance’s TikTok became the rare major challenger. Crypto could follow a similar path. “Maybe by the year 2030, pretty much every important company is built,” Qureshi said.

Large platforms could continue growing while leaving very little room for new players to disrupt them. He acknowledged that the timing remains uncertain. Still, he said investors may be overlooking the possibility that a growing crypto market will not always produce a steady pipeline of fundable startups.

Active Crypto Investors Hit Multiyear Low Recent funding data points in the same direction. Cryptorank said only 150 unique venture firms had participated in crypto funding rounds in July as of July 28. That was the lowest monthly figure since November 2020 and far below the record of 1,177 active investors in May 2022.

Source: Cryptorank The noticeable decline suggests that capital is becoming concentrated among fewer funds. Investors are also becoming more selective when assessing new projects. Qureshi was particularly skeptical of startups built around a single financial product on platforms such as Hyperliquid.

Without control over distribution, he said, those firms risk becoming suppliers rather than durable businesses. “If Hyperliquid owns the distribution, then you’re essentially just like a reseller,” he said. “That’s not a very compelling business model.”

Crypto VC is unlikely to vanish overnight. However, its next phase may favor fewer companies, larger platforms and founders who control their own customers, distribution and economics. Dragonfly’s Rob Hadick Says Stablecoins Could Grow 10x as Payments Adoption ExpandsStablecoins may have begun as a reserve-yield business.

Still, Dragonfly’s Rob Hadick argues the next phase of value creation will…Read NowDragonfly’s Rob Hadick Says Stablecoins Could Grow 10x as Payments Adoption ExpandsStablecoins may have begun as a reserve-yield business. Still, Dragonfly’s Rob Hadick argues the next phase of value creation will…

Read NowDragonfly’s Rob Hadick Says Stablecoins Could Grow 10x as Payments Adoption ExpandsRead NowStablecoins may have begun as a reserve-yield business. Still, Dragonfly’s Rob Hadick argues the next phase of value creation will… Haseeb Qureshi warned that crypto VC may face a last vintage as platforms dominate.

Cryptorank counted 150 active investors in July, down from 1,177 in May 2022, signaling consolidation. Dragonfly says 2030 may leave few startups, favoring founders who control distribution and economics. Dragonfly’s Haseeb Qureshi Warns Crypto VC May End by 2030 as Active Investors Drop by 87% From 2022 Peak SEC Chair Backs CLARITY Act — Says He’s ‘Optimistic’ Congress Will Pass Landmark Crypto Bill Michael Saylor Says Bitcoin Can Grow 100-Fold, Warns Rule Changes Could Threaten Its Future Ironwood Goes Live as Zcash Locks Down Orchard and Forces a $1.

8B Migration $134M in Bitcoin Longs Vaporized as BTC Breaks Below $63K Ahead of Fed Showdown Dragonfly’s Haseeb Qureshi Warns Crypto VC May End by 2030 as Active Investors Drop by 87% From 2022 Peak SEC Chair Backs CLARITY Act — Says He’s ‘Optimistic’ Congress Will Pass Landmark Crypto Bill Michael Saylor Says Bitcoin Can Grow 100-Fold, Warns Rule Changes Could Threaten Its Future Ironwood Goes Live as Zcash Locks Down Orchard and Forces a $1.8B Migration $134M in Bitcoin Longs Vaporized as BTC Breaks Below $63K Ahead of Fed Showdown Nigeria's First SEC-Licensed Exchange, Quidax, Expands Stablecoin Infrastructure to Over 21 Countries TRX Futures Listing Laun