AUSTIN (Texas) — Market participants at Wednesday’s 2023 event said that asset managers were salivating about growth equity and tokens which had taken an unjustified excessive hit in crypto’s bear-market.

Dawn Harflinger is the CEO of Lili’uokalani Trust and other investors in the crypto-sector have expressed optimism despite the recent market destruction. Harflinger has compared the recent bloodbath to the HBO show “Game of Thrones” “Red Wedding”, which featured the “Red Wedding.”

Harflinger stated that she was looking forward to “running into the burning buildings” of the market. She said that she is excited to gain additional exposure to secondary, and to participate directly in funding rounds of growth-stage blockchain companies.

She was on a panel with Matt Halstead (director of real estate and digital asset for Texas Teachers) and Dan Tapiero (10T Holdings’ chief investment officer).

Halstead argued that digital assets were “an investment with the potential to be integral in the future of technology”, emphasizing their broader impact. Halstead acknowledged the volatility of digital asset prices and their willingness to accept this, showing that they do not have a strong opinion about market timing.

Halstead stated that the industry’s future is unclear, but he believes the future will be bright. He said that the main theme was the multi-faceted opportunity of digital assets, and the valuations, while declining, are worth it for the exposure.

Others on the panel echoed this message.

Tapiero stated that the digital asset ecosystem has grown and is more diverse than it was in the past. Assets have a lower correlation to bitcoin. He said that despite his assertion that “I don’t hear anyone saying that bitcoin is going down to zero”, the existence of uncorrelated assets allows institutions to go beyond bitcoin and invest in discounted altcoins or tokens.

Tapiero said that the increased adoption of digital assets by traditional finance has led to valuations reaching excessive levels. Asset valuations were changed from 10x-12x revenue to 50x-100x. Crypto winter was felt by more participants as a result of the declines.

Tapiero believes that the timing of big returns is good as valuations are now in line.

He said that if you are clear about what you enjoy and the kind of portfolio you would like to create, now is the time to invest in crypto.

Jesse Hamilton is the editor.