Dragonfly states that cryptocurrency is not being overshadowed by AI, but is simply a reflection of capitalism at work.

Dragonfly’s Haseeb Qureshi informed CoinDesk in an interview that drawing parallels between the rapid consumer adoption of AI and the progression of crypto misinterprets the essence of the products.

Key points:

• With artificial intelligence capturing significant venture capital and media attention, some in the crypto space have started to question if the sector has overlooked its “ChatGPT moment” or, more concerning, if investment is permanently shifting away.
• Haseeb Qureshi, managing partner at the crypto venture company Dragonfly, firmly disagrees with that perspective.
• He contends that drawing comparisons between the rapid consumer uptake of AI and the path of crypto fails to recognize the distinct nature of these products.

SAN FRANCISCO, CA – With artificial intelligence capturing significant venture capital and media attention, some in the crypto space have started to question if the sector has overlooked its “ChatGPT moment” or, more concerning, if investment is permanently shifting away.

Haseeb Qureshi, managing partner at the crypto venture company Dragonfly, firmly disagrees with that perspective.

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“I would completely dispute this framing,” Qureshi stated in an interview with CoinDesk at NEARCON 2026. “Less than 1% of AI users are paying. That indicates that 99% are utilizing the free tier. Crypto does not offer a free tier.”

He argued that comparisons between AI’s rapid consumer adoption and the evolution of crypto misinterpret the nature of the products. “There is no free Bitcoin. There’s no free Ethereum,” he explained, highlighting that while approximately 80% of Americans have experimented with some type of AI tool, around 15% have possessed crypto — a statistic he refers to as “a mass-market phenomenon.”

Qureshi believes the more appropriate perspective is global utility, especially in payments. He pointed out that stablecoins have experienced consistent growth regardless of market fluctuations. “Stablecoin supply has been increasing by 50% annually,” he remarked. “That’s exponential growth.”

He asserted that the fundamental aspects of crypto remain strong, even if public sentiment has cooled.

Following the financial trail

Venture funding has undeniably migrated toward AI. However, Qureshi interprets this more as a reflection of market dynamics rather than a critique of crypto.

“Money is a leading indicator,” he noted. “People react to money — they don’t respond to the reality on the ground.”

Despite experiencing several downturns, crypto continues to represent a $2 trillion asset class. Unlike AI giants like OpenAI, which have large workforces, crypto projects typically scale with smaller teams.

“We don’t have any companies with 9,000 employees like OpenAI — and that’s advantageous,” Qureshi stated. “Crypto is extremely high leverage as a technology. It doesn’t require many individuals to develop solutions that have a global impact.”

He views the recent downturn as a correction following a period of excessive funding. “If there were too many individuals working on too many projects in crypto, the market is adjusting accordingly. That’s capitalism at work.”

In fact, Dragonfly recently unveiled a $650 million fund — a decision some analysts deemed bold in light of the current market conditions.

“That’s the ideal time to invest more,” Qureshi remarked. “Why would you want to increase your investment when prices are elevated? If you’re raising capital and investing during peak prices, that’s when you should be concerned.”

When asked if anything more fundamental had shifted in crypto over the past four months, he was straightforward: “Did the core principles of the industry alter significantly? No.”

Crypto and AI: convergence or illusion?

Although Dragonfly is looking into investments at the intersection of crypto and AI, Qureshi warned against assuming that AI will reinvigorate crypto’s growth.

“Is AI going to rescue crypto? Absolutely not,” he expressed. “AI agents utilizing crypto are still far off — it will take years.”

He perceives a recurring trend of crypto aligning itself with whichever technological advancement is currently popular. “Chatbots are intriguing? Fantastic — we have chatbots with tokens. Agents are appealing? Excellent — you can acquire the foundational layer for agents,” he commented. “As an investor, you need to take a step back.”

This does not imply that crypto’s identity is diverting from its origins. Recent narratives implying that the sector has surrendered to Wall Street overlook the reality, Qureshi stated.

“Many are claiming crypto has capitulated and become a Wall Street instrument. I think that perspective is misguided,” he remarked. “The essence of Bitcoin is that it encompasses everyone’s use of the same technology. No one’s usage restricts anyone else’s.”

Cycles, not collapse

Qureshi attributes much of the current pessimism to short-term outlooks and simple exhaustion.

“Individuals in crypto tend to have an extremely short-term perspective,” he noted. “Prices have declined numerous times.”

From ETF-driven surges to tariff-related declines, volatility has characterized the industry for over a decade. He suggests that this pattern is neither novel nor catastrophic.

“The notion that because prices are down, stablecoin usage will cease? Ridiculous,” he commented.

For Qureshi, the narrative is not about AI supplanting crypto or the decline of crypto itself. It revolves around cycles — and the necessity for patience.

“Relax,” he advised. “It’s not a disaster.”

Read more: Kraken’s co-CEO could trust AI with 100% of his crypto — Dragonfly’s Haseeb Qureshi isn’t convinced