Amid a brutal bear market and widespread despair, Dragonfly managing partner Haseeb Qureshi struck a contrarian note. On July 2, he promoted his appearance on the When Shift Happens podcast (Episode 177), arguing that the departure of old-school crypto players is a healthy cleansing and that bears are consistently too pessimistic.
Shakeout Clears Opportunists, Keeps Builders
Haseeb dismissed the narrative of an industry in decline, stating: “People leaving this industry is good and healthy. Every single time, the bears are too bearish.” He framed the exodus as a natural cycle that weeds out short-term speculators and leaves behind those focused on technology and infrastructure, setting the stage for the next growth phase.
Long-Term Bullish on ETH and SOL
During the 69-minute interview, Haseeb reinforced his conviction in two leading smart contract platforms. He highlighted Ethereum’s deep moat and Solana’s performance edge, calling both well-positioned for the future. Drawing parallels to early internet days, he said blockchain is on an “exponential growth” trajectory, and market pain is temporary.
Don’t Let Short-Term Moods Fool You
Haseeb warned that people tend to overestimate new tech’s impact in 1–2 years but underestimate its power over a decade. Network effects and developer ecosystems of Bitcoin, Ethereum, and Solana continue expanding. When the “crypto is dead” chorus grows loud, top capital sees it as a prime entry point for the next big cycle.