Nick Tomaino, founder of 1confirmation, criticized Silicon Valley venture capital firms for attempting to dominate the crypto industry, stating that while they have had some success, many failed between 2021 and 2023. Tomaino highlighted that these firms invested in zero-sum projects that attracted retail investors but offered no real-world benefits. He noted that despite the lack of Silicon Valley VC investment, Bitcoin and Ethereum have thrived, with a combined market value exceeding $2.5 trillion, underscoring their dominance in the crypto market.