founder @ paradigm, board member @ stripe, building & investing at the illegible frontier

1/ The inflection point for crypto isn't coming, it's here

After 6½ years building Paradigm with 
@matthuang, the investment thesis for crypto has never been so obvious

If you are asking me about crypto PMF, you're already behind

Do you think at this point we are decoupled from the boom / bust price cycles of underlying assets? Does the frame of crypto winter / summer even work anymore to understand the PMF?