Memecoins Could Revitalize Retail Investor Interest in Crypto
This weekend, the Midwest Blockchain Conference took place at the University of Michigan, attracting students from various universities including the University of Kansas, Vanderbilt, and the University of Illinois. The atmosphere was positive, with discussions focused on the future of cryptocurrency following recent election results.
As the sole reporter present, I engaged with enthusiastic crypto-native students and industry professionals. Notable participants included representatives from EY, who facilitated networking opportunities for students eager to learn about the industry.
An artist dressed as a bitcoin, Idris Busari, marked the event's lively spirit. A session led by Hype founder Ravi Bakhai generated significant excitement, where he discussed the potential of memecoins. Bakhai noted that while memecoins carry risks, they can also yield substantial returns, emphasizing TikTok's role in rapidly shifting trends within this space. He shared an anecdote about a memecoin that increased 1,000% in value within 18 minutes.
Bakhai stated, “In the US, this is how we get retail back into crypto.” The conference also featured discussions with professionals from firms such as a16z and Volt Capital. University representatives Daniel Feder and Brandon Schroedle addressed the university’s interest in cryptocurrency, highlighting its endowment of over $20 billion and the desire to diversify investments through crypto and explore DePIN use cases.
Schroedle remarked on the outdated nature of the current financial system, while Feder expressed the view that crypto should not be classified as a separate asset class but acknowledged the growing institutional interest in the sector.
Highlights included Jane Lippencott from a16z predicting a possible "AI winter" and Soona Ahmaz from Volt discussing effective pitching strategies to VCs. The overall sentiment was optimistic, with a clear indication of the next generation's readiness to enter the crypto workforce.
A report from Coinbase indicated that the US has lost developer market share partly due to regulatory uncertainty. However, if regulations stabilize, there is significant potential for harnessing local talent.