This article presents an in-depth conversation with Jason Huang, founder of NDV, a well-known investment institution focused on the crypto market. In the dialogue, Huang directly addresses the bubble phenomenon in the current AI sector, pointing out that valuations of many AI projects are severely disconnected from actual progress, posing risks of over-speculation.
He also offers a critical perspective on MicroStrategy's investment strategy, arguing that its heavy reliance on Bitcoin holdings is not without flaws, and that the so-called “myth” conceals risks related to leverage and concentration. When discussing the ultimate card in the crypto market, Huang emphasizes the importance of fundamental protocol innovation, genuine user growth, and regulatory compliance. He believes that only by returning to the essence of value can investors gain a leading edge in the next cycle.
