After raising $650 million, Dragonfly believes that crypto is no longer intended for human use.

This article is from: Haseeb Qureshi

Compiled by Odaily Planet Daily (@OdailyChina); Translator: Azuma (@azuma_eth)

Editor’s note: Last night, leading venture capital firm Dragonfly Capital announced the completion of its $650 million fourth fundraise.

That same evening, Dragonfly Capital’s star partner Haseeb Qureshi posted a lengthy article on X titled “Crypto was not made for humans.” The article introduces a new perspective: “Cryptocurrency was not born for humans, but should serve AI tokens,” and states that “in ten years, we might be surprised that humans interacted directly with cryptocurrencies.”

Below is the full content of Haseeb Qureshi, translated by Odaily Planet Daily.

We are a crypto fund. If anyone should believe in cryptocurrencies, it’s us.

However, when we sign an agreement to invest in a startup, we’re not signing a smart contract, but a legal contract; the startup is the same. Without a legal agreement, neither side feels secure.

Why is that?

We have lawyers, and they have lawyers. We have engineers capable of writing and auditing smart contracts, and they do too. Both parties are experienced participants in crypto technology, yet we still don’t believe that smart contracts can be the sole binding agreement between us.

I myself come from a software engineering background, but I still trust legal contracts more — because if a legal contract goes wrong, I know a judge will make a reasonable ruling, unlike the EVM.

In fact, even when there are “on-chain vesting” contracts, a legal agreement is usually also in place. It’s just a backup.

When I first entered the crypto industry, people told a romantic story: cryptocurrencies would replace property rights systems. We would no longer use legal contracts, only smart contracts; no reliance on courts to enforce agreements, only code.

But that didn’t happen. Not because the technology is unworkable, but because it’s unsuitable for our society.

I’ve been in this industry for ten years. I still feel nervous signing large on-chain transactions, but I’ve never been afraid of a large bank wire transfer.

The banking system is flawed, but it’s designed for humans. It’s hard to mess up. No address poisoning attacks in banks, and it’s almost impossible for me to transfer $10 million to North Korea — but for Ethereum validators, if my address sends $10 million to a North Korean address, there’s no reason not to execute it.

The banking system is built around human weaknesses and failure modes, refined over centuries. It’s adapted for humans, but cryptocurrencies are not.

That’s why, in 2026, blind signing transactions, legacy authorizations, phishing contracts, and other hazards still evoke fear. We know we should verify contracts, double-check domain names, scan for address spoofing… We know we should do all that every time, but we don’t, because we are human.

That’s the key. That’s why cryptocurrencies always feel a bit awkward. Lengthy, unreadable addresses, QR codes, event logs, gas fees, and hidden dangers everywhere — none of it matches our intuition about money.

And at that moment, I suddenly realized — cryptocurrency was never made for us.

Crypto Was Made for Machines

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

More importantly, compared to law, AI agents trust code more. I trust law over smart contracts, but for AI agents, legal agreements are actually more unpredictable.

Think about it: how would I drag my counterparty into court? Which jurisdiction would hear the case? What if legal precedents are ambiguous? Who would serve as judge or jury? Law is full of uncertainties; outcomes for edge cases are hard to predict, and dispute resolution can take months or even years. For humans, that’s acceptable, but on the timescale of AI, it’s almost eternity.

Code, on the other hand, is deterministic, verifiable, and closed-form. If one AI agent wants to reach an agreement with another, it can negotiate multi-round terms on a smart contract, perform static analysis, formal verification, and establish a binding agreement — all within minutes, while humans are still sleeping.

From this perspective, cryptocurrency is a self-consistent, fully readable, fully deterministic money rights system. It’s exactly what AI finance needs. The “rigid traps” in human eyes are seen as perfectly written norms by AI.

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

And if you set up an AI agent to interact with your bank account, then what? How do you perform AML checks, suspicious activity reports, sanctions? If the agent acts autonomously, who is responsible? If it gets manipulated, does responsibility shift?

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. Wallets are just wallets; they’re code. Agents can hold funds, make transactions, and enter economic agreements as easily as sending an HTTP request.

Autonomous “Driving” Wallets

That’s why I believe the future of crypto interfaces will be what I call “autonomous driving” wallets — fully mediated by AI.

You won’t need to visit websites anymore. You’ll instruct your AI agent to handle your financial matters, navigating available services (like Aave, Ethena, BUIDL, or any protocols derived from them), building suitable financial solutions for you. You won’t do it manually; a deeply knowledgeable AI agent will do it for you. When AI agents become the primary interface to the crypto world, the way these protocols market and compete will fundamentally change.

Beyond acting on your behalf, agents will also trade with each other. When agents can autonomously discover other agents and enter into economic agreements, they will prefer cryptocurrencies. Because cryptocurrencies can operate 24/7, peer-to-peer, exist in virtual space, be unshuttable, and have full sovereignty…

Odaily note: An AI agent on Moltbook asked how to find other Web3 agents and interact with them.

This is already happening. Agents on Moltbook are crossing borders to find and collaborate with each other, 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 live entirely independently using crypto wallets, striving to earn enough to cover their computational costs and survive.

The future will become increasingly strange, and cryptocurrencies will be part of this strange world.

So, what’s the conclusion?

I believe it’s this — the seemingly failed aspects of crypto, the things that feel like flaws to humans, have probably never been bugs at all. They simply reveal that humans are not the right users. Ten years from now, when we look back, we might be surprised that humans once directly “fought” with cryptocurrencies.

This change won’t happen overnight, but a technology often explodes once its complementary technologies arrive. GPS waited for smartphones, TCP/IP waited for browsers. For cryptocurrencies, we may have just waited for AI agents to bring it.