Jonathan Wu, investor at a new New York City-based preseed fund, went viral on X (formerly known as Twitter) with a thread about why “switching into crypto is one of the most asymmetric things you can do for your career.”
What Happened: He claims that such a switch is highly beneficial for one’s career due to less competition, faster career acceleration and asymmetric opportunities in the sector.
There is a “low-status moat,” Wu writes, which deters many people from entering the industry.
Wu makes his point by telling a story about how experienced professionals in real estate consistently advise new graduates to become commercial brokers, but few follow this advice due to the perceived low status of the job.
Crypto, on the other hand, attracts ambitious and unconventional people, similar to how startups did 20 years ago. It also, his argument goes, aligns with Paul Graham’s advice of getting to the leading edge of a rapidly changing field.
“Training in crypto is worth 10x training elsewhere,” Wu writes, because it provides an accelerated training ground for traders and investors, even those returning to traditional markets.
Success in crypto requires accepting temporarily lower status and engaging in public writing to explain complex topics simply.
But even non-technical individuals can succeed in crypto by writing and engaging with readers and, to top it off, “This can all be done alone in front of a computer.”
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Why It Matters: The thread sparked a debate about the risks and opportunities of working in the cryptocurrency industry. Jake Chervinsky, chief legal officer at Variant Fund, agreed, calling “smart and curious lawyers” to take advantage of “the huge opportunity of working in crypto.”
Patrick Scott, a DeFi analyst, said his former Harvard University classmates were wondering about his career decision but remained upbeat about his prospects and who will have “the last laugh.”
In a related post, popular pseudonymous investor Route2Fi told his 274,000 followers that when he quit his nine-to-five job in February 2021 with the plan to “focus on investments,” he had $560,000 in liquid savings and a condo. He went on, saying he did not “cut the cable” when crossing seven figures because working in the industry is enjoyable and helps him evolve and improve.
Another pseudonymous commentator vehemently agreed, claiming to have made almost $15 million off dogwifhat but he had made his “peace with staying here forever.”
The threads mirror a point made by British HODL, a pseudonymous Bitcoin investor that stressed the importance of providing value, taking profits and owning assets.
“Hustle is overrated,” he writes, claiming that Bitcoin and other assets that benefit from scarcity and “money printing” are well-positioned.
It remains to be seen whether the uptick in venture capital funding in the industry leads to a new influx of people working in the cryptocurrency sector.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Photo: Shutterstock
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