Tim Draper, founding partner of VC firm Draper Associates, sounded an optimistic tone at a Wednesday conference in Miami despite ongoing turmoil across crypto markets and his prediction of a looming recession.

“We’re going through a fundamental change, and there’s going to be a lot of friction,” he said at the MiamiWeb3 conference. “Keep your heads down, keep working.”

Draper praised countries like Switzerland and Malta that he said had embraced web3 decentralization, while he said China had taken a turn back into the “dark ages.”