dYdX Founder: Focus on Overseas Markets Over US for Crypto
On August 26th, dYdX founder Antonio Juliano shared his views on Twitter about the US crypto landscape. He advised crypto developers to prioritize overseas markets due to the existing regulatory hurdles in the US. "Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years," Juliano tweeted, emphasizing that the majority of the market is overseas. "Innovate there, find PMF, then come back with more leverage."
Juliano further clarified his stance, stating that in the broader picture, very few people currently use or are concerned about crypto. His primary focus is on the long-term growth of the crypto sector, aiming for a 100x increase. He believes that the key to this growth is finding a stronger product-market fit, which doesn't necessarily require perfect distribution. "There is a plenty big overseas market to experiment in," he added.
However, Juliano did not dismiss the importance of US crypto policy. He acknowledged its significance, especially since many countries often follow the US's lead. He emphasized the need for crypto products with massive usage, which would influence policy decisions. "We need to have products with massive usage where users (voters) say 'wait, I need this'," he pointed out.
The dYdX founder also highlighted the importance of builders being able to remain in the US, given the concentration of tech talent in the country. He expressed his frustration over the fact that many Americans, including those in his New York office, cannot use products that address long-standing crypto challenges. "Crypto is aligned with American values... America will realize that eventually," Juliano concluded.
In response to Juliano's tweets, Brian Armstrong, CEO of Coinbase, offered a more optimistic outlook. He believes that the situation in the US will improve sooner than Juliano anticipates, possibly by next year. "The U.S. always gets it right, after exhausting every other option," Armstrong tweeted, expressing confidence in the country's ability to adapt and support crypto progress.
Both leaders, while having different timelines in mind, seem committed to navigating the challenges and ensuring the growth and adoption of crypto in the US and beyond.
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