Why "Crypto" Will Be DEAD In 10 Years

The 'crypto' industry will be integrated into traditional finance within a decade, making the term obsolete as digital assets like stablecoins and tokenized securities become seamless components of the broader financial system.

• The 'crypto' industry is dissolving into the broader financial system, making its underlying tech ubiquitous.

• Stablecoins are driving financial innovation and competition, attracting legacy institutions and reshaping global finance.

• Bitcoin's price trajectory often follows gold's, with its current setup suggesting another significant run is imminent.

The traditional 'crypto' industry is not dying but evolving into an invisible layer within the existing financial system, making terms like 'crypto company' obsolete. This convergence is driven by the tokenization of all assets—stocks, bonds, currencies, and commodities—which will simplify and enhance financial interactions for users without them needing to understand the underlying technology. Stablecoins, in particular, are at the forefront of this integration, with competition leading to a blockchain war among providers and legacy institutions entering the fray, ultimately resulting in faster and cheaper financial services.

The DeFi Mullet

• 00:00:39 The concept of a 'DeFi mullet' describes a user-friendly, traditional financial interface ('business in the front') powered by decentralized finance (DeFi) infrastructure ('party in the back'). This convergence signifies the end of the distinct 'crypto industry' within a decade, as its underlying technologies like Bitcoin, stablecoins, and tokenization become integrated into general finance. Companies like BlackRock and Robinhood already incorporate crypto infrastructure without being labeled 'crypto companies,' indicating the shift towards a unified financial system where digital assets are simply another form factor for existing assets.

Stablecoin Evolution

• 00:13:06 Stablecoins like Tether (USDT) and USDC employ different market strategies, with Tether dominating internationally by providing dollar access in regions without it, while USDC focuses on regulated domestic markets. The stablecoin industry is experiencing intense competition, prompting providers to engage in a 'blockchain war' to own the underlying chains for transactions, as margins on interest-bearing treasuries may degrade. Major financial institutions like Citi and JPMorgan are now entering this space, seeking partnerships and direct involvement, highlighting the vast value—estimated at a trillion dollars—up for grabs as the financial landscape shifts.

Bitcoin's Future

• 00:25:37 Bitcoin's price movements have historically shown a relationship with gold, serving as a global alarm system that runs first during periods of monetary expansion, such as in 2020. Once gold's rally exhausts and cools, Bitcoin often sees a significant surge, transitioning from approximately $10,000 to $64,000 in less than six months in the past. Current market conditions in 2025 show gold significantly up but now cooling, leading to speculation that Bitcoin is poised for a similar 'great rotation' and substantial bull run, replicating the 2020 pattern.

Government in Markets

• 00:31:45 Investors prefer clarity over uncertainty, particularly regarding governmental actions like U.S.-China trade negotiations. While decoupling is discussed, both nations remain interdependent, and trade talks involve intense, cutthroat negotiations between officials like Scott Bessent and Li Chengpeng. The concept of 'White House Asset Management' highlights governmental intervention in key sectors for national security, such as investments in rare earth companies or Intel, creating both predictable opportunities and unpredictable risks for investors. A move towards true free trade with less government involvement would generally be bullish for asset prices by enhancing market predictability.