Nick Tomaino, founder of 1confirmation, highlighted that Bitcoin and Ethereum have generated over $2.5 trillion in value without venture capital funding, dominating the crypto market's total value. He noted that Silicon Valley VCs attempted to control the crypto industry, achieving some success. However, many venture firms overfunded and invested in zero-sum projects between 2021 and 2023, which, despite attracting retail attention, ultimately failed to provide real-world benefits and faced significant challenges.