Crypto isn't losing to AI, its just 'capitalism doing its job,' says Dragonfly

CoinDesk

by Margaux Nijkerk

February 24, 2026

AI-Generated Deep Dive Summary

Crypto’s trajectory isn’t losing out to AI but reflects “capitalism doing its job,” argues Haseeb Qureshi of Dragonfly Capital in a recent interview. While some have drawn parallels between AI’s rapid consumer adoption and crypto’s slower growth, Qureshi highlights fundamental differences: unlike AI, which offers free tiers to millions, crypto requires users to own assets, making it inherently different from the free-access models driving AI’s explosion. Qureshi emphasizes that crypto’s value lies in its utility, particularly in payments. Stablecoins, he notes, have consistently grown despite market volatility, with a 50% year-over-year increase in supply. This growth underscores crypto’s resilience and practical applications. While venture capital has shifted toward AI, Qureshi views this as a natural market adjustment rather than a judgment on crypto itself. Dragonfly’s recent $650 million fund announcement signals confidence in the long-term potential of crypto despite short-term challenges. Qureshi rejects the idea that crypto is becoming a tool for Wall Street or losing its decentralized identity, arguing that crypto’s strength lies in its universal technology that doesn’t impinge on others’ usage. He also cautions against comparing crypto’s cycles to AI’s rapid rise, noting that crypto operates on longer-term fundamentals. While some may see the current market cooling as a collapse, Qureshi sees it as a necessary correction after years of overfunding, allowing the industry to focus on high-impact projects with lean teams. Ultimately, Qureshi’s message is one of patience and perspective. Crypto’s future isn’t tied to AI’s hype cycle but to its ability to deliver global utility and scalability. While AI may eventually intersect with crypto, it won’t be a quick fix for the industry’s core challenges. For those

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Originally published on CoinDesk on 2/24/2026