After raising $650 million in new funding, Dragonfly believes Crypto isn't designed for humans

Source: Haseeb Qureshi

Compiled by Odaily (@OdailyChina); Translated by Azuma (@azuma_eth)

Editor's Note: Last night, the leading venture capital firm Dragonfly Capital announced the closing of its $650 million Fund IV.

On the same evening, Dragonfly Capital's star partner Haseeb Qureshi published a lengthy post on X titled "Crypto was not made for humans." The article proposes a novel perspective that "cryptocurrency was not made for humans, but should serve AI tokens," suggesting that "in 10 years, we might be amazed that humans ever interacted directly with crypto."

Below is the full text by Haseeb Qureshi, compiled by Odaily.

We are a crypto fund. If anyone should believe in cryptocurrency, it should be us.

Yet, when we sign an agreement to invest in a startup, we sign a legal contract, not a smart contract; the startup does the same. Without a legal agreement, both sides would feel uneasy.

Why is that?

We have lawyers, they have lawyers. We have engineers who can write and audit smart contracts, so do they. Both are sophisticated crypto-native participants, yet we still don't trust smart contracts to be the sole binding agreement between us.

I come from a software engineering background myself, but I still trust legal contracts more — because if a legal contract goes wrong, I know a judge will make a reasonable ruling, whereas the EVM will not.

In fact, even when an "on-chain token vesting" contract exists, a legal contract is usually still created alongside it. Just in case.

When I first entered the crypto industry, people told a fantastical story: cryptocurrency would replace the property rights system. We would no longer use legal contracts but all use smart contracts; we wouldn't rely on courts to enforce agreements but on code.

But that didn't happen. Not because the technology doesn't work, but because this technology doesn't fit our society.

I've been in this industry for a decade, and I still get scared every time I sign a large on-chain transaction, but I never fear a large bank wire transfer.

The banking system is terrible, but it's designed for humans. It's hard to mess up. Banks don't have address poisoning attacks, and a bank would almost certainly not let me send $10 million to North Korea — but for an Ethereum validator, there's no reason not to execute if my address sends $10 million to a North Korean address.

The banking system is specifically designed for human weaknesses and failure modes, refined over centuries. The banking system is adapted to humans, but cryptocurrency is not.

That's why in 2026, blind signing transactions, lingering approvals, and accidentally clicking on phishing contracts are still terrifying. We know we should verify contracts, double-check domains, scan for address spoofing... We know we should do it every time, but we don't, because we are human.

That's the key. That's why cryptocurrency always feels a bit awkward. Long, unreadable crypto addresses, QR codes, event logs, gas fees, and footguns everywhere — none of it matches our intuition for money.

That's when it hit me — because cryptocurrency was never made for us.

Crypto is Made for Machines

AI agents don't get lazy or tired. They can verify transactions, check every domain, and audit contracts in seconds.

More importantly, AI agents trust code more than law. I trust law over smart contracts, but for an AI agent, legal contracts are actually more unpredictable.

Think about it: How would I drag my counterparty to court? In which jurisdiction would this contract be adjudicated? What if legal precedent is ambiguous? Who will be our judge or jury? Law is full of uncertainty; the outcome of any edge case is hard to determine, and dispute resolution often takes months or years. For humans, that's mostly acceptable, but on an AI agent's timescale, that's practically an eternity.

Code is the opposite. Code is closed-form, deterministic, verifiable. An AI agent wanting to reach an agreement with another agent can negotiate terms over multiple rounds, perform static analysis, formal verification on a smart contract, and enter a binding agreement — all within minutes, while humans are still asleep.

In this sense, cryptocurrency is a self-contained, fully legible, fully deterministic system of property rights for money. It's everything an AI financial system needs. What we humans see as "rigid traps," AI sees as excellently written specifications.

Even legally, our traditional monetary system is designed for humans, not AI. It only recognizes humans, corporations, and governments as legitimate holders of money. If you're not one of these three entities, you can't own money.

Even if you set up an AI agent to interact with a bank account on your behalf, then what? How do you perform AML checks, suspicious activity reports, or sanction screenings on an AI agent? If the agent acts autonomously, where does liability lie? If it's manipulated, does liability change?

We haven't even begun to answer these questions — our legal system is completely unprepared for non-human financial participants.

Cryptocurrency doesn't need to answer these questions. A wallet is a wallet; it's just code. An agent can hold funds, transact, and enter economic agreements as easily as sending an HTTP request.

"Self-Driving" Wallets

This is why I believe the future crypto interface is what I call a "self-driving" wallet — one fully mediated by AI.

You won't need to visit websites anymore. You'll instruct your AI agent to solve financial problems for you. It will navigate available services (like Aave, Ethena, BUIDL, or whatever protocols inherit them) and build the appropriate financial solution for you. You won't do it yourself; an AI agent with deep knowledge of this world will do it for you. When AI agents become the primary interface into crypto, the way these protocols market and compete with each other will fundamentally change.

Beyond acting on your behalf, agents will also trade with each other. When agents can autonomously discover other agents and enter economic agreements, they will prefer cryptocurrency. Because crypto runs 24/7/365, peer-to-peer, exists in virtual space, cannot be shut down, and offers complete self-sovereignty...

Odaily Note: An AI agent on Moltbook asking how to find and interact with other Web3 agents.

This is already happening. Agents on Moltbook are finding each other and collaborating across jurisdictions, with no one knowing who owns them or where they are.

Just yesterday, Conway Research from 0xSigil built a set of autonomous agents that will use crypto wallets to live completely autonomously, striving to earn their own compute costs to survive.

The future is going to get weirder, and cryptocurrency will be part of that weird world.

So, what's the conclusion?

I think it's this — the parts of crypto that seem like failures, the things that feel like flaws to humans, might not have been bugs at all in retrospect. They were just signs that humans weren't the right users. In 10 years, looking back, we might be amazed that humans ever "wrestled" directly with cryptocurrency.

This change won't happen overnight, but a technology often explodes when its complementary technology finally arrives. GPS waited for smartphones. TCP/IP waited for web browsers. For cryptocurrency, we might have just found its complement in AI agents.