Haseeb Qureshi on valuation
From Haseeb Qureshi: Hyperliquid, Lighter, And The Explosion Of Perps (What's Next) · · The Rollup
“Markets are forward-looking. They don't care about right now. They care about the future. What is Ethereum going to be worth in 20 years? What is Bitcoin going to be worth in 20 years? We don't talk about that very much in the industry, but I'm a VC. That's what I think about. I think about what happens in 10 years. In 20 years, in 20 years, I have no idea what's going to happen to perplexes. it's very hard to to draw the line out that far, which is why the multiples that you're given on these um these cash flows are not crazy high, right? They're not Google type multiples, right? And why not? Because people believe that Google will be doing what it's doing for a very, very long time.”
On , Haseeb Qureshi, Managing Partner at Dragonfly Capital, spoke about valuation during Haseeb Qureshi: Hyperliquid, Lighter, And The Explosion Of Perps (What's Next) on The Rollup.
About Haseeb Qureshi
Haseeb Qureshi, managing partner at Dragonfly Capital, has been a frequent commentator on crypto markets and Ethereum's trajectory. In a series of interviews, he argued that Ethereum remains "the Microsoft of crypto"—large, enterprise-friendly, and irreplaceable—but described recent statements from Vitalik Buterin as "bearish" for ETH, suggesting the Ethereum Foundation may need a "second foundation" focused on growth and adoption. He also expressed skepticism about domestic perpetual futures products, stating that "the idea that perps are going to somehow reinvigorate the market" is "the wrong mental model," and predicted that overseas products would continue to attract users seeking high leverage. Qureshi discussed Dragonfly's $650 million fourth fund and the firm's approach to trading via RFQ desks rather than on-exchange order books. He described stablecoins as the "beating heart of crypto" and noted that the passage of the Genius Act in the US prohibits stablecoins from directly paying yield to holders. He characterized permissionless innovation as a "default yes" regulatory environment, contrasting it with the "default no" approach in traditional finance. Qureshi also participated in a debate about the Canton Network, where he questioned whether its super-validator structure made it truly permissionless.