Crypto has run it's course, I don't think Gary did anything wrong by helping the crypto experiment happen. But YC is about the future, not the past.

Realistically YC is about maximizing ROI and I would happily bet a crypto-related startup will be in Summer '23s cohort - they have crazy valuations and liquidity out of the gates. Personally I want those startups to showcase problems crypto is useful at solving rather than selling pickaxes to the gold rush but I'm less sure that that'll happen. Certainly the idea that Crypto has ran its course is, IMO, premature - people have said that during every bear market since the beginning yet overall usage appears to be increasing and institutional buy-in again appears to be increasing.

Is it premature to say beanie babies or tulips have run their course?

There will continue to be many hardcore fans of tulips and crypto regardless of the price, but marketcap adjusted for inflation has passed the max

As a crypto sceptic I'd still love to have been the person who wrote that check