All-In E49: Coinbase CEO reflects on controversial blog, state of the markets, 1000 unicorns & more
Episode 49 • 10/2/2021
Key Topics Discussed:
Coinbase's Political Stance One Year Later
- Brian Armstrong reflected on his controversial blog post from one year ago about keeping Coinbase politically neutral
- Only 5% of employees (60 people) took the severance package offered after the policy announcement
- Diversity numbers remained same or improved since implementing the policy
- The crew agreed it was a successful example of strong corporate culture and leadership
Market & Economic Discussion
- Growing concerns about inflation and its impact on tech stocks
- Discussion of the $3.4T total market cap of private unicorns globally
- Debate about proposed $3.5T reconciliation bill and government spending
- Chamath argued for higher corporate tax rates rather than focusing on individual rates
Retirement Account Policy Changes
- Proposed changes would disallow retirement funds from investing in alternative assets
- Discussion of the "Peter Thiel provision" targeting large Roth IRAs
- The crew criticized the punitive nature of forcing distribution at ordinary income rates
- Agreement that broader access to private investments would be better than restrictions
Venture Capital Industry Evolution
- Discussion of why several prominent VCs are retiring (referenced around 41:00)
- Chamath suggested VC careers have ~15 year effective lifecycle
- Debate about value-add services offered by VC firms
- Discussion of unicorn creation rate accelerating to more than one per day
Final Thoughts
- Concerns about government spending and debt levels
- Optimism about technology sector's ability to create value
- Brief discussion of potential All-In Summit event
The episode showcased the intersection of technology, politics, economics and the growing influence of the venture capital industry in shaping the future economy.