The Ledger
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Dixon: Active on-chain app users range between 40M and 70M
“That we put between 40 and seventy million. There's a bar there because it's, we have to get rid of bots and other things, but It's definitely been growing. And that's like monthly active users of apps.”
Dixon: JPMorgan Chase Has 1,500 Employees Working on Blockchain Projects
“Chase, I think Jamie, Jamie Dimon talks trash, but I believe they have 1500 people on blockchain projects.”
Dixon: Monthly stablecoin volume reached around $2T, surpassing Visa
“So like last month, it was something like two trillion in stable coin volume, which is more than trillion with a T, which is more than Visa.”
Dixon: AI agents will autonomously exchange blockchain micropayments within two years
“You imagine a world, which I think we're headed to pretty soon, in a couple of years, we have all these different AI agents running around... And then you sort of imagine other agents coming along and negotiating and, you know, pennies getting transferred back…”
Dixon: Crypto suffers a startup talent shortage and is undercompeted versus AI
“I think that the crypto space right now, the real shortage we have is startup talent in that there's a lot of obvious good ideas where there just aren't many people pursuing it. So I think it's actually the opposite problem than most, like, than you might have…”
Dixon: Blockchains solve political trust problems preventing bank coordination
“There's a lot of interest from the banks to think about ways to use blockchains to create essentially marketplaces there, you know, maybe permissioned marketplaces where only kind of certain participants can participate. For them, the benefit is, you know, why…”
Dixon: Blockchains solve coordination problems whereas AI solves intelligence problems
“If AI, you know, is solving all the problems in the world that, that they need more intelligence, right? Blockchains try to solve the problems in the world that need more coordination or more, you know, kind of collective collective action, getting a bunch of,…”
Dixon: Monthly Stablecoin Volume Hit $2 Trillion, Surpassing Visa
“So like last month, it was something like two trillion in stable coin volume, which is more than trillion with a T, which is more than Visa.”
Dixon: AI Agents Will Conduct Automated Blockchain Micropayments Within Years
“So like watch MCP I would expect would have down the road a payment standard, right? And AI agents. So you imagine a world, which I think we're headed to pretty soon in a couple of years, we have all these different AI agents running around... And pennies gett…”
Dixon: Crypto has a shortage of startup talent and is under-competed
“I think that the crypto space right now, the real shortage we have is startup talent in that there's a lot of obvious good ideas where there just aren't many people pursuing it. So I think it's actually the opposite problem than most, like, then you might have…”
Dixon: Blockchain infrastructure is mature enough and no longer an excuse
“I think blockchains, I think we no longer have infrastructure as an excuse anymore. Like now it's about building applications, about getting regulatory clarity. And I think we're pretty far along there. I think we have a long way to go fully exploring kind of …”
Dixon: Bot-adjusted stablecoin volume is in the trillions and uncoupled from trading
“So for example, stable coin volume is now in the trillions. That's adjusted. We try to, we have an adjusted metric we use, which remove, tries to remove a lot of the bots and other kinds of stuff. And very importantly, that's not correlated with trading volume…”
Dixon: Roughly Two-Thirds of a16z Crypto's Investments Have Been Tokens
“And actually two third, no, I would say roughly two thirds of our investing has always been that.”
Dixon: Building tech industries requires foundational legislation like the 1996 Telecom Act
“We think that the way you really build industries is legislation. If you think back to the internet, that was built on really on the 96 telecom act.”
Dixon: Crypto investing remains non-consensus among major institutional allocators
“As much as we hear about crypto, it's still very non-consensus. A lot of venture funds just simply, maybe they'll have a little bit of Bitcoin, but they'll, otherwise they'll rule it out if there's tokens and things. You talk to fund funds they, a lot of them …”
Dixon: Building enduring tech industries requires legislation over agency guidance
“We think that the way you really build industries is legislation. If you think back to the internet, that was built on really on the 96 telecom act. If, you know, and had things like section two 30, which, you know, you may know is now a contentious issue had …”
Dixon: AI solves intelligence problems, blockchains solve coordination problems
“I think that's one broader way to think of blockchains is like, it's like if AI, you know, is solving all the problems in the world that, that they need more intelligence, right? Blockchains try to solve the problems in the world that need more coordination, r…”
Dixon: A lot of venture capital and startups is qualitative and vibe-based
“Like a lot of venture capital and startups is, is vibe based, right? Is qualitative.”
Dixon: Investing is an emotional endurance test disguised as an intellectual test
“Investing is a emotional test disguised as an intellectual test. Meaning one of the things I've learned over the years is just like sticking with it in venture capital, whether it's crypto sort of more extreme, I think it's true of public markets. If you read …”
Chris Dixon says fintechs will adopt stablecoins before traditional banks
“I think it'll see it in stages, so like the fintechs, the sophisticated fintechs like Stripe and, you know, Robinhood and Revolut and things will be first and then over time you'll see, I think eventually you'll see just like a button on your Chase bank that's…”
Dixon: Users can send money globally for under a penny in seconds
“So you can now send an arbitrary amount of money anywhere in the world for under one penny in 1:02.”
Dixon: SpaceX uses stablecoins for cross-border treasury management on Starlink sales
“SpaceX has a program where they move, you know, they'll sell a Starlink in, I think it's like some, south of like Brazil or something, and then they'll immediately, you know, use stablecoins for so-called treasury management.”
Dixon predicts Model Context Protocol will eventually add a payment standard
“MCP, I would expect, would have, down the road, a payment standard, right?”
Dixon: Tech adoption is either institutional 'inside-out' or fringe 'outside-in'
“I sort of like to distinguish technologies between what I call inside out and outside in. And some inside out of things that sort of start with established institutions, like AI to some extent is like that, you know, the iPhone was like this. It came out of Ap…”
Dixon spends over half his time advocating for crypto legislation
“I probably spend more than half my time on that now. Like, that, that's just kind of the key. There's two, and just to say, there's two big kind of bills that we're advocating for. There's stable coins. There's one called market structure that's just coming fo…”
Dixon: Consumers will call stablecoins 'digital dollars' rather than stablecoins
“I don't think most people ultimately will think of even the word stable coin. I think it'll be like digital dollars. You know, that like for the average person.”
Dixon: Blockchains' primary value is disintermediation rather than decentralization itself
“The point is not for like decentralization and kind of this new architecture of blockchains for its own sake. The point is they have specific benefits. So like, why, why would one build on a blockchain like Ethereum or Solana as opposed to a traditional, You k…”
Dixon: Modern Blockchains Transfer Any Amount Globally for Under One Cent
“So you can now send an arbitrary amount of money anywhere in the world for under one penny in 1:02.”
Dixon: Major LPs and Sovereign Funds Still Have 'No Crypto' Rules
“A lot of venture funds just simply, maybe they'll have a little bit of Bitcoin, but they'll, otherwise they'll rule it out if there's tokens and things. You talk to fund to funds. They, a lot of them will say we have a no crypto rule, you know, sovereign wealt…”
Dixon: The Official Uniswap Website Drives Under 5% of Protocol Volume
“And the website is now, I believe it's a sub five percent of the volume on the protocol, but it's still five percent, right?”
Dixon: a16z Crypto Combines Early Venture, Direct Token Buying, and Trading
“That's one reason we started a separate crypto fund, right? We both do kind of early stage traditional venture and do things like buy tokens like Bitcoin directly in the market. And then we have our own like city and trading, and we sort of built out all these…”