Avichal Garg
Co-Founder & Managing Partner, Electric Capital. On 3 shows, 5 appearances. The Shows tab opens the full record on each.
Avichal Garg is a Co-Founder and Managing Partner at Electric Capital, a crypto-native venture capital firm. He previously served as a part-time partner at YC and invested early in companies like Coinbase and OpenSea.
3shows
5appearances
89statements
14resolved
12supported
1contradicted
86%fully supported
39said about them ↓ Everything Avichal Garg said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Garg: Mid-tier venture firms face severe disruption from on-chain capital competition
“The people I think should be worried are if you're like VC firm, 15 through 1000, right? Like I think you get disrupted because capital, as it becomes a commodity, if you're a venture firm, 25 and you're like not breaking the top decile in terms of returns, An…”
Garg: Bitcoin could become a central bank reserve larger than the yuan
“Could Bitcoin actually be a Reserve currency that central banks are purchasing that could be bigger than the yuan or the euro in central banks. I don't think that's crazy, actually.”
Garg: Ethereum could become a neutral $1T GDP digital settlement layer
“Creates this opportunity for a third system, right? An incredibly neutral third system, which might be Ethereum, which effectively starts to behave like a digital economy and a digital settlement layer for all the transactions that need to exist in a third pla…”
Garg: Crypto dApps and computation will not create most long-term value
“Even though most of the dollars today, I think, are going towards those last two buckets of distributed computation and distributed applications, I don't think that's actually where most of the really new value will get created in the long term.”
Garg: The real threat to crypto is authoritarian adoption, not bans
“The real risk, in my opinion, therefore, is not that the government bans this stuff. I think the real risk, actually, is that nefarious governments fully, fully embrace it.”
Garg: Fully decentralized teams cannot effectively scale complex tech projects
“Yeah, I generally think decentralized teams won't work. I think in the very, very early days of any platform, they can work, and it's because there is not that much competition, and a lot of what you need to build out is infrastructure, and you have a small nu…”
Garg: Crypto companies will eventually recentralize in Silicon Valley
“So what I would expect will happen is actually, over time, crypto companies will actually recentralize in large part to Silicon Valley.”
Garg: DeFi protocols like Maker and Aave did not fail in 2022
“DeFi worked. DeFi didn't fail here. Maker is still going. Frax is still going. Ethereum is producing blocks. You can send money around using stable coins. You can still take money out of Aave. All the systems that are designed to be over collateralized and res…”
Garg: Decentralized storage protocols like IPFS are competitive with AWS
“And beyond that, even decentralized infrastructure. You have things like IPFS, Interplanetary File System, which is incentivized with Filecoin, or RWE, which is a permanent data store. And these things work. You can actually store data on them. Depending on wh…”
Garg: Most DeFi protocols will fail to capture defensible value
“A lot of these protocols ultimately we think will not capture that much value despite there being very useful. It's just going to be really tough for them to actually capture significant value defensively over time.”
Liquid crypto tokens are seed and Series A startups gone public
“Essentially, these are seed stage and series A companies that have gone public.”
Garg: NEAR Protocol is in the top five to survive long term
“They're easily in the top five of things that will actually persist and will survive and have a real value and real ecosystems built on top of them.”
Garg: NFT marketplaces are more defensible businesses than cryptocurrency exchanges
“The belief we've come to is that the NFT markets Are actually going to be more defensible than the cryptocurrency markets. And it's because the assets that you're purchasing are by definition, unique and distinct.”
Garg: A 20% ownership stake compromises crypto network resilience
“In a distributed system, in a distributed network, if you own 20% of the network, you're a liability to the resilience of the network.”
Garg: Electric Capital limits network ownership cap to 5%
“And so you actually, like in our case, we try to not own more than five percent.”
Garg: Crypto will eat capital markets and venture capital
“Crypto is also going to eat capital markets, right, which is the deployment of money and the deployment of capital. And if crypto is going to eat capital markets, it's going to eat venture capital.”
Garg: Andreessen and Sequoia Will Likely Successfully Transition to Web3
“Now, some absolutely can, and I think some will. Like, I think Andreessen and Sequoia will likely make that transition, but it's going to be extremely challenging.”
Garg: Software eliminates middle markets by converting regional monopolies into power-law global markets
“It like destroys these local and regional monopolies and turns them into global markets. And once you're competing at a global scale, it tends to have this sort of concentration effect. It creates a power law and it creates concentration in the head and it unl…”
Garg: Ten-year fund lockups benefit crypto LPs despite token liquidity
“And actually, I think the lockup periods, ten-year lockups, despite the liquidity, I think is actually better for LPs because it is a venture asset class. The returns are extremely asymmetric. And you can generate many multiples on your fund if you're patient.”
Avichal Garg: Token value creation often requires writing off founding equity
“We see cases where actually, yes, today there's a company, but the real value clearly will be in the token. And actually you want the company to dissolve and not exist. So effectively you're going to invest in some equity over time. You'll get some tokens, whi…”
Garg: Most company tokens act as loyalty points, not true networks
“But a lot of the time, what you're really doing is not building a sustainable token network. It's often going to be the case that it's sort of a customer acquisition channel, and it behaves a little bit more like loyalty points than it does a true distributed …”
Garg: A valid token network survives shutting down its corporate creator
“Generally, a limit test we're using is like, does the company just go away? And if you shut down the company, Would you still have a significant amount of value capture and creation that happens on the token side? And if the answer to that is yes, then really …”
Garg: 10% of DAOs will wildly break expectations of governance
“You'll have millions and millions of doubts created. Many of them will fail. Many of them will look very similar to what we would expect just reasoning through it. And some small percent, 10% of them will wildly break our expectations about what's possible.”
Garg: Latecomer VCs overpay for crypto logos to win future deal flow
“Like, if a VC firm that feels like, They missed out on the last wave of crypto for the last four years comes in and is starting to buy logos. Then they're going to overpay because their motivations are not just that they want to do the investment at a fair pri…”
The other half of the tape: Avichal Garg's own voice is left out of every number here. Other people bring the name up 39 times in 12 episodes across the shows. every mention, with the transcript →
Who brings them up most Harry Stebbings 38Daniel Gross 1
Every mention by year
tap a year for its mentions
20VC 39
2023 2 mentions in 1 episode
2022 24 mentions in 5 episodes 5 per episode
- Ian Lee: Why DAOs Will Replace Venture Capital; Biggest Threat to Web3 | 20VC #893 · 20VC with Harry Stebbings
- Kyle Samani: Why Bitcoin is Not a Hedge Against Inflation | 20VC #909 · 20VC with Harry Stebbings
- Ruchi Sanghvi: My Job Interview with Mark Zuckerberg; Deep Dive on DAOs | 20VC #895 · 20VC with Harry Stebbings
- 20VC: Opensea Founder, Devin Finzer on Scaling GMV from $150M to $3BN in 18 Months, How Brands and Celebrities Will Harness NFTs To Change Their Business, The Impact of NFTs on Gaming & What is in Devin's Metamask Wallet?!
- 20VC: What Happens To Growth Rounds in this New Environment? Where is the Funding Crunch? How Does This Impact M&A and Going Public? How do Crossover Funds Respond? What Does it Mean For Early Stage and more with Eric Liaw, General Partner @ IVP
- every mention in 2022, scene by scene →
2019 5 mentions in 2 episodes 3 per episode
- 20VC: Slow Ventures' Sam Lessin on How VC Forces Certain Companies To Exist and Makes It Difficult To Finance Others, Why Cities Won't Let Scooter Companies Be Profitable and Why Dapps Are A Concern and Where Emphasis Should Be Placed In Crypto
- 20VC: Benchmark's Chetan Puttagunta on The One Question To Ask When Analysing Market Size, How To Compete in Today's War for Talent & Why We Have Seen An Over-Rotation In Running Businesses Based on Metrics
- every mention in 2019, scene by scene →
2018 8 mentions in 4 episodes 2 per episode
- 20VC: The Commonalities In The Makings Of Truly Great People, How Silicon Valley Will Become The Home For Crypto and Frontier Tech Once Again & Why Games Are Such A Good Tool To Understand Human Motivation with Daniel Gross, Founder & Pioneer, Head of AI
- 20VC: Scalar Capital's Linda Xjie on Who Will Win The Smart Contract War, The Future of Exchanges: Centralised or Decentralised & The Pros and Cons of Differing Privacy Coins
- 20VC: Phil Libin on Why The Concept of A Silicon Valley Style Startup Is Made To Benefit VCs, Why The Very Structure of Companies Is Outdated and Inefficient & What It Means To Build The Netflix of Product
- 20VC: USV's Rebecca Kaden on Whether Venture Returns Can Be Made At Scale In Consumer Today & How To Navigate Consumer Investing In A World of Amazon
- every mention in 2018, scene by scene →
One line per show, most statements first. The link opens Avichal's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | Co-Founder & Managing Partner, Electric Capital | 2 | 44 | 100% 5/5 | full record on 20VC → |
 CAPITAL ALLOCATORSLEDGER | 1 | 29 | 88% 7/8 | full record on Capital Allocators → | |
 Y COMBINATORLEDGER | Managing Partner, Electric Capital | 2 | 16 | 0% 0/1 | full record on the Y Combinator Startup Podcast → |