David Fauchier, fund manager at Nickel Digital, joins Travis Kimmel, Real Vision president, to discuss Nickel Digital, their approach to investing, and how different investing in the crypto space is compared to the traditional investment world. Fauchier explains that the market structure of crypto is unique from almost any other market—in both the present and past. He mentions that, for most crypto assets, there are no fundamental valuation models that are widely accepted, stating that this results in most traders depending on technicals and narrative. The fact that crypto markets run 24/7 without circuit breakers adds a unique dynamic to these markets, and Nickel Digital emphasizes the importance of markets monitoring and having a strong awareness and plan for mitigating risks that result from these market dynamics. Filmed on March 5, 2021. Key Learnings: Crypto market structure is distinct from that of traditional markets, which requires different risk management techniques. Since there are no widely agreed-upon valuation models for most crypto assets, Fauchier believes that investing in crypto is similar to venture capital investing with comparably high levels of project failure and rare but strong winners.