This podcast episode explores the intersection of the old financial system and the new crypto industry, highlighting the opportunities and challenges in researching and investing in cryptocurrencies. It emphasizes the novelty, decentralized nature, and unique features of crypto markets, as well as the need for tailored valuation frameworks and innovative financial models. The challenges in understanding crypto protocols and the lack of established research publications are discussed, along with the increasing involvement of professional investors. The episode concludes by stressing the potential rewards for those who embrace innovation and conduct quality research in this rapidly evolving field.