Podcast: Multicoin’s Investment Theses on the Future of Crypto | Tushar Jain & Kyle Samani

Jason Yanowitz and Santiago Roel Santos sit with Tushar Jain & Kyle Samani to discuss Multicoin’s past, crypto’s future, and lessons from building such a successful crypto fund.

by Brianna Beckford /
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In the latest episode of “Empire,” Blockworks’ co-founder Jason Yanowitz and co-host Santiago Roel Santos sit down with Kyle Samani and Tushar Jain of Multicoin Capital.

As one of the top-performing crypto funds of all time, Kyle and Tushar not only discuss their former and current contrarian opinions on the space but also discuss what they’ve learned, how they’re thinking and what they’re seeing when it comes to the crypto industry in 2022.

Plus, listen in to hear their thoughts on:

  • Layer-1 protocols
  • Multicoin’s outlook on DeFi
  • Ethereum
  • and so much more!

Check out what they had to say in the video below. 👇

About the show

“Empire” is a twice-a-week show. On Thursdays, Jason interviews crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Friday’s weekly round-up episodes feature co-host, Santiago Roel Santos and cover the top news from the past week.

For any NPR or Guy Raz fans out there, you can think of “Empire” as a “How I Built This” for the bitcoin and crypto industry.

Subscribe to “Empire” today on Apple or Spotify. Watch episodes on YouTube.


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This report examines 2,114 tokens that crossed $50M in circulating market cap since January 2020 to quantify the realities of liquid token investing. Only 4.1% outperformed BTC, the median token lost 97%, and successive token classes reached a 90% loss faster. Most importantly, recent entrants retained roughly the same downside as the 2020 class while offering far less upside. The report then outlines what these findings mean for allocators and concludes that, while the investable universe has become exceptionally narrow, this also increases the value of fundamental research and the opportunity to identify the small number of tokens with durable demand, visible cash flows, and strong tokenholder alignment.

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