Haciyev Reşit 
One of the well-known figures in the cryptocurrency sector, Kyle Samani, has announced that he has stepped down from his role at Multicoin Capital, which he co-founded. What makes Samani’s resignation particularly striking, however, is a post he shared just hours before the announcement—later deleted—in which he delivered harsh criticism of the crypto sector, especially the Web3 vision. These remarks suggest a fundamental shift in Samani’s perspective on crypto, a space in which he has played an influential role for years, and they have sparked widespread discussion among market participants.
“I Used to Believe—Now I Don’t”
Considered one of the earliest and most influential investors in the crypto ecosystem, Samani openly expressed a deep change in his views in the deleted post. Arguing that crypto is not as appealing to a broad audience as many in the industry believe, he stated:
“Crypto is simply not as interesting to as many people as crypto enthusiasts want to believe. That includes me. I once believed in the Web3 vision and decentralized applications. I no longer do.”
Samani also redefined what he sees as the core function of blockchain technology, emphasizing that blockchains essentially serve as asset registries. According to him, while blockchain will drive meaningful change in finance, it may not have as wide-ranging use cases as those promoted within the Web3 narrative.
Still Bullish on Price, Bearish on the Narrative
Despite his criticism, the U.S.-based investor did not completely dismiss the price upside potential of cryptocurrencies. However, he signaled that the narrative side of the industry has run out of steam:
“Crypto will go higher. But aside from privacy, many of the questions once framed as exciting have now been answered.”
These remarks suggest that Samani continues to view crypto as a financial asset class, while having lost faith in the broader vision built around Web3 and decentralized applications.
Official Departure From Multicoin Capital
Following the deleted post, Kyle Samani released a more formal and detailed statement confirming his departure from Multicoin Capital. He explained that he plans to step back for a while to rest and explore new and emerging areas of technology. His decision has been interpreted as a strategic break after years of intense involvement in the sector.
Founded in 2017, Multicoin Capital is regarded as one of the most influential venture capital funds in the crypto ecosystem. The firm gained prominence through early investments in projects such as Solana, Helium, and The Graph. According to current data, Multicoin Capital manages a portfolio of approximately $6 billion, highlighting its continued significance in the industry.
Assessment
Kyle Samani’s resignation and his criticism of Web3 are seen as an important signal that long-standing narratives and expectations within the crypto industry are being re-evaluated. When figures who helped shape the early stages of the sector voice such doubts, it points to a potential shift toward a more pragmatic and finance-focused interpretation of crypto in the period ahead.
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