When A16Z positions cryptocurrency as a key pillar of America's next century alongside AI, many of us in the industry see the crypto space as dirty and degenerate garbage. So, is it the $15 billion A16Z, which accounts for 18% of the U.S. venture capital market, that's wrong? Or are we the ones who are wrong? Over the past three years, A16Z has successfully transformed from a traditional financial VC into an investment giant with a national strategic focus, managing $90 billion in assets. I took a look at @a16z's investment distribution in the crypto space, and it's incredibly broad, covering a wide range of well-known projects across various subfields. While 2025 investments are relatively fewer, they still made 33 rounds. At a time when most Asian crypto VCs have either died out or pivoted away from primary market investments, A16Z is still actively making moves. So maybe the Crypto we see and the Crypto they see are vastly different? Just like in the 2018 bear market, when most people saw desolation and silence, a few saw opportunities for a more distant future. Another striking point in the article is: The "national-level strategic mission to ensure the U.S. wins the next century of technological competition," with a very clear opponent explicitly named — China. This also explains why A16Z is notoriously reluctant to invest in projects led by Chinese teams. It's because they are no longer just a financial investment firm; they have become a company with a strong sense of national and ideological identity. 'The fate of America's new technologies partly rests on our shoulders. Our mission is to ensure the U.S. wins the next 100 years of technological competition.' — Truly thought-provoking. I really hope that one day Crypto can be written into China's Five-Year Plan