[MUSIC] (SINGING) When you walk in a room, do you have sway?

I'm Kara Swisher, and you're listening to "Sway." At the beginning of the year, crypto seemed like it was off to the races, but not anymore.

This week, Bitcoin reached its lowest point in 18 months.

Ethereum is worth about a quarter of its November peak, and Coinbase's shares are down 79 percent this year.

So is this a momentary slump in a big industry or an all-out crash?

That's what I wanted to ask my guest today.

Chris Dixon is a general partner at Andreessen Horowitz, one of Silicon Valley's largest venture capital firms.

As the lead crypto investor there, he has directed billions into blockchain and Web3 investments of all kinds.

Chris Dixon, welcome to "Sway." Thanks for having me.

So Chris and I have known each other a long time, when you were investing in all kinds of different things.