Investment Thesis
Open finance and tokenization. Strong views on stablecoins, DePIN, and crypto in emerging markets.
What Excites Them
Large addressable markets, stablecoin infrastructure, DePIN with real revenue, emerging market adoption
What They Pass On
Small niche markets, solutions without clear market demand, over-financialized protocols
How to Pitch
Tushar values data-driven arguments and market sizing. Show TAM with real numbers, not hype.
Key Frameworks
Market-Led Thesis
Start with the market opportunity size and work backwards to the crypto solution
Notable Writing
Proposed framework for sensible crypto regulation
Mapping the DePIN opportunity
Stablecoins will become the dominant global payment rail
Token launches should prioritize community building over speculation.
Different applications require different levels of trust minimization.
Tokens are a new digital primitive enabling coordination at internet scale.
Podcast Appearances
Key Quotes
“Stablecoins are the single most important innovation in crypto for real-world adoption.”
— Empire podcast
Background
Co-founder and Managing Partner of Multicoin Capital. Background in quantitative analysis.