ICN.live Key Opinion | EXCLUSIVE Interview with Juliet Su, Funding Partner at NewTribe Capital

ICN.live KEY OPINION, Exclusive Interview with Juliet Su.

Juliet is a well-known presence in the Web3 and crypto venture world, involved in venture capital investments, particularly within the MENA blockchain and Web3 ecosystem. She advocates for sustainable funding structures and contributes to tech ecosystem growth, especially in Dubai and beyond. With over a decade of experience in China, solid expertise in the UAE, and a consistent presence at major Web3 events, Juliet is an investor worth paying attention to.

“Four-year” Cycle

There is a growing trend toward increased convergence between crypto and traditional finance, with Visa integrating stablecoins from multiple chains, banks offering on-ramp services, and ETFs unlocking new flows. All these, with crypto exchange volumes hitting $1.7 trillion in July, the highest since February. Is 2025 set to be the year of mass adoption in crypto?

2025 is increasingly looking like the year when crypto mass adoption is finally happening in practice, driven by a confluence of powerful trends that are reshaping the global financial landscape. Institutional players are no longer sitting on the sidelines. With governments worldwide advancing clearer regulatory frameworks, major asset managers like BlackRock are leading the charge with crypto ETFs, signaling growing institutional confidence in the space.

Traditional finance (TradFi) is entering Web3 in full force. Publicly listed companies are tapping into digital asset markets through vehicles like SPACs and PIPE deals, while Nasdaq-listed firms are integrating blockchain at the infrastructure level. This is no longer just experimentation; it’s structural integration.

At the same time, we’re seeing a true fintech renaissance take shape. Global payments giants like Visa and Mastercard are actively building crypto products, from stablecoin-based settlement systems to tokenized transaction rails. Major global companies, such as Emirates, are also enabling crypto payments, bringing tangible, real-world use cases to the forefront.

Meanwhile, the long-anticipated “Web2.5” moment is finally here. Major tech players are not only integrating crypto payments but also building Web3 infrastructure that bridges the gap between familiar Web2 user experiences and decentralized technologies.

All of these point to a broader, global financial shift, a rethinking of how value is stored, transferred, and accessed. It reflects a larger trend where digital finance is becoming a foundational layer of the global economy. With exchange volumes surging and adoption metrics climbing, 2025 isn’t just another growth year — it could be the inflection point where WEB3 truly becomes mainstream.

Global Decisions around Digital Assets

Against all positive news in the industry, almost from nowhere, we’re seeing countries like Algeria impose full bans on crypto activity. What is the interpretation of this stark global divide, where some governments treat crypto as a strategic asset at the country level, while others view it as a threat?

The global divide in digital asset policy reflects a mix of economic priorities and regulatory maturity. Digital assets represent the natural progression of financial innovation, and established financial hubs like the UAE, the U.S., and Hong Kong recognize their transformative potential. These countries see crypto and blockchain infrastructure not as threats, but as tools to attract capital, improve investor returns, and reinforce their positions as financial leaders.

The integration of crypto into Wall Street is a clear sign of this shift, highlighted, for instance, by President Donald J. Trump’s Executive Order allowing 401(k) investors access to alternative assets, including crypto, for portfolio diversification.
In contrast, many developing or economically unstable countries often approach digital assets with caution. Concerns over financial instability, loss of monetary control, and the potential for funds to move outside traditional systems lead some governments to adopt restrictive policies or outright bans.

In economies with fragile currencies, citizens frequently turn to crypto as a hedge against inflation and uncertainty, which can further challenge government authority and prompt tighter regulations.

However, these restrictive stances are often temporary. As developing nations observe how mature markets adopt and regulate digital assets, many are beginning to explore frameworks that could support their own digital economies. Ultimately, the question isn’t if these countries will embrace crypto; it’s when and under what conditions they will do so.

Bitcoin Reserve

With Strategy reporting $10 billion in Q2 alone as net income, largely attributed to its Bitcoin-first treasury approach, now comprising approximately 628,000 $BTC, do you consider the venture capital community should reevaluate the role of Bitcoin as a strategic reserve asset within portfolio companies? Withal, from a risk management intersection, how would you mark the threshold at which concentrated exposure to a single digital asset becomes structurally overleveraged?

With MicroStrategy reporting $10 billion in net income in Q2 alone, largely attributed to its Bitcoin-first treasury strategy and its holding of approximately 628,000 BTC, the venture capital community should indeed reevaluate Bitcoin’s role as a strategic reserve asset within portfolio companies. This isn’t about holding just any digital asset. BTC treasury companies choose Bitcoin for four key reasons: fast, borderless, and permissionless value transmission; true digital scarcity with a hard cap of 21 million; driving speculation, liquidity, and adoption momentum; and decentralization with no issuer or single point of control.

For many investment firms and portfolio companies, holding a portion of BTC on the balance sheet is a calculated hedge against fiat debasement, monetary policy uncertainty, and geopolitical instability. It also enables participation in the broader digital asset ecosystem with relatively lower volatility compared to altcoins. That said, the degree of exposure and approach to BTC allocation vary by investor mandate, time horizon, and risk tolerance. For example, AsiaStrategy gains Bitcoin exposure not by buying BTC directly but by purchasing shares in global Bitcoin treasury companies, diversifying jurisdictional risk and avoiding concentration in a single entity.

Traditional venture capital firms expanding into digital assets may favor BTC as a majority position, reflecting a more conservative, capital-preserving strategy focused on Bitcoin’s established market infrastructure and store-of-value properties. Conversely, Web3-native investors, accustomed to high-risk, high-reward dynamics, might allocate smaller portions to BTC while focusing more heavily on ETH and altcoins to capture innovation-driven upside, especially during bull markets and altseasons.

Meanwhile, asset managers often prefer structured, traditional finance-compliant crypto products centered on the most liquid assets like BTC and ETH, balancing exposure with portfolio integration and risk controls.
Ultimately, investors can choose to build portfolios entirely around Bitcoin, but their strategies differ: some emphasize direct BTC holding for stability and long-term value, others integrate exposure through equity in BTC-heavy companies, while some blend BTC with a broader basket of digital assets. The key is aligning exposure with the investor’s objectives and risk profile.

In sum, Bitcoin can serve as a strategic reserve asset within a diverse range of treasury approaches—whether as a dominant holding or part of a broader crypto allocation—offering flexibility across the spectrum of investor strategies.

All-in Investment Thesis

As a seasoned investor deeply rooted in emerging markets, if granted unilateral decision-making authority, which single sector or technological paradigm within the digital asset ecosystem would you allocate entire capital toward over the next five years? What fundamental indicators underpin your conviction in this focused investment thesis?

If granted unilateral decision-making authority to allocate capital within the digital asset ecosystem over the next five years, I would deploy it entirely into the Real-World Assets (RWA) sector, which I believe will define the next era of blockchain utility. As crypto continues to gain worldwide recognition as a legitimate asset class and regulatory frameworks mature across key jurisdictions, RWAs represent the clearest path to mass institutional and retail adoption.

My conviction lies in the convergence of traditional financial instruments with on-chain settlement, where assets like U.S. Treasuries, private credit, and real estate are being tokenized for broader accessibility and efficiency. Stablecoins, already a $150B+ market, are the first and most proven form of RWA, serving both as digital dollars and as high-velocity instruments for global payments and DeFi collateral. Their usage in emerging markets and cross-border settlements further validates their foundational role.

The sector is supported by strong fundamentals: real cash flows, growing protocol revenue, increasing institutional involvement (e.g., BlackRock, Franklin Templeton), and evolving regulatory clarity. RWAs offer a clear product-market fit, combining yield, compliance, and blockchain-native advantages. As demand shifts from speculative assets to yield-bearing, transparent instruments, RWAs will become the financial backbone of the digital economy. In this cycle, real-world utility will outperform narrative-driven hype, and RWAs are where that utility is being built.

Retail Liquidity

While the current cycle has been predominantly fuelled by institutional adoption of Bitcoin, both venture capital activity and retail participation remain comparatively muted. Historically, however, sustained bull markets in crypto have required the combined force of strategic VC deployment and widespread retail liquidity. Where do we currently stand on this progression? And following the reputational damage and trust erosion during the last bear market, what conversations must the industry initiate to rebuild retail confidence and position them once again as a core driver of market momentum?

Currently, the crypto market is being propelled primarily by institutional adoption, as seen in the rise of spot Bitcoin ETFs and growing interest from traditional financial players. However, both retail participation and venture capital deployment remain relatively subdued. Historically, sustainable bull markets have required the combined momentum of VC-backed innovation and widespread retail liquidity, something still lacking in the current cycle.

To restore retail confidence after the trust erosion of the last bear market, the focus shouldn’t just be on initiating conversations but on continuously educating people about the best investment practices and the inherent risks within the industry. We, as industry experts, must take responsibility for guiding retail participants in the right direction, emphasizing transparency, real token utility, and responsible behavior.

Retail interest will return organically as real-world adoption materializes. For instance, if mainstream marketplaces integrate crypto payments, or companies like Amazon launch their own tokens, or some practical Web3 applications become widely used, retail investors will naturally re-engage. Trust will be rebuilt not just through words but through visible utility, transparency, and meaningful use cases. By aligning education with innovation and accountability, the industry can reposition retail as a vital driver of momentum in a more mature and resilient market.

Open Mic: Your Thoughts on the Current and Future Market looking like

We’d love to give you the floor for an open-ended response. What are your personal thoughts on current market conditions, and do you have any insights on the future of the industry you’d like to share?

We are entering a phase of increasing maturity in the Web3 space. The speculative hype has settled, leaving a renewed focus on genuine utility and robust infrastructure. However, one of the most significant challenges remains that user experience wallets, onboarding, and interacting with dApps still feel complex and unintuitive for the average user. Until there are substantial improvements in UI/UX, widespread adoption will likely progress more slowly than the technology’s true potential.

That said, I firmly believe we are approaching the most significant bull run in the history of this industry, driven not merely by hype but by meaningful adoption from both institutional and retail participants. Emerging narratives such as RWA, DePIN, and the convergence of AI and blockchain technology are set to unlock tremendous value. These trends have the potential to bring Web3 into everyday practical use.

It’s important, however, to remain mindful of macroeconomic risks. Markets are inherently cyclical. Factors like a global recession, tightening liquidity, or unforeseen black swan events could disrupt momentum. Regardless of the strength of the fundamentals, Web3 remains influenced by the broader economic landscape.

The rapid advancement of AI introduces both promising opportunities and important challenges. While AI can enhance automation and scalability, it also presents risks related to asset security and reduces reliance on human intervention, raising complex ethical and existential considerations. Nevertheless, this evolution feels organic and necessary. Innovation continues to be the engine of progress, and Web3 stands as a vital pillar in this ongoing transformation.