Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #284
What's 🔥 in Enterprise IT/VC #284Bitcoin ⚡️ Miami - traditional finance everywhere...and IT Spend 📈
Wow, what an intense few days down here in Miami 🌴 for Bitcoin week. While the headline is all about Bitcoin, the folks in attendance were here for lots more. All I can say is that at many a private event, I bumped into loads of TradFi folks from banks, wealth management and beyond holding digital assets and investing in crypto companies. Besides holding Bitcoin and Ethereum, many are starting to stake and explore other yield farming opportunities for their private wealth clients who all want exposure to this “asset class.” This is is just the beginning. On the investment side, the early TradFi folks are investing in pure infrastructure, custodian platforms, staking infrastructure, security and analytics and include folks like Citibank, Goldman Sachs, JP Morgan, and many others. From my perspective this is still going to take a lot of time for TradFi to get their act together since many have to jump through extra regulatory hurdles to make these investments. If you’re an infrastructure investor, I’d continue to invest in areas that support crypto native companies first vs. focusing on what TradFi wants. Those folks are early in the market maturity adoption curve and it will take a number of years to catch up To my point, here’s Mr. Bitcoin is Worthless aka Jamie Dimon changing his tune in his annual letter to shareholders:
The 🌊 of 💰 from TradFi is going to pour in over the next five years, and it’s going to be an exciting time for sure! Speaking of the JP Morgan Chase Annual Letter, Jamie usually provides a deep overview of JPM’s IT priorities, and this year he does not disappoint. To all of those enterprise infra founders, JPM is still only 40% of the way there in terms of migrating apps to the cloud and while much of this spending does go the public cloud providers, these “infrastructure” costs include things like modernizing developer tools and embedding operational resiliency and cybersecurity controls. So much more room to 🏃🏼♂️!
As always, 🙏🏼 for reading and please share with your friends and colleagues. Scaling Startups
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