Multicoin Co-Founder's Deleted Tweet Before Resigning: No Longer Believe in the Web3 Vision

On February 5th, Multicoin Capital co-founder Kyle Samani responded to a "bear market rant" from community user Taran (@Taran_ss) — a post he quickly deleted — with the following comments: “Crypto isn’t nearly as fun as many people — myself included — once thought it would be. I used to buy into the Web3 vision, the dApp hype. Now I don’t. Blockchain is fundamentally an asset ledger: it’ll reshape finance, but that’s it. DeFi’s another area worth watching, sure. Crypto will keep improving, but all the truly interesting questions have already been answered — except for on-chain privacy/confidentiality. (I still think Zama will win that race.)” Earlier today, Samani announced his resignation from Multicoin Capital, noting he’ll remain Chairman of Forward Industries (the largest SOL treasury holder) while taking a break to explore new tech directions. In a follow-up tweet, Samani clarified he’s still extremely bullish on SOL and crypto, and will stay engaged in the space both personally and as Forward’s Chairman. A letter from Multicoin to its limited partners (LPs) further contextualizes the shift, stating: “Kyle’s interests have expanded beyond crypto to other tech areas like artificial intelligence, life sciences, and robotics — he’s decided to dedicate time to exploring these emerging fields.”