Do you know that feeling of depression that you experience when you finish a favorite book, movie, or tv series? You invested your time and energy into a universe of unique characters, relationships, and journeys… and it comes to an end. Even a picture-perfect finale can’t help you overcome the need for a little more.
But the show is over and there is nothing left to be said.
That feels like where we are with crypto.
Our show is not entirely over, but now that the merge has passed, there are no obvious narratives left. The writers of our script are no longer deeply invested in the story… for now.
Is regulation next? Could be.
Is a recession next? Very possible.
Will the energy crisis worsen? I hope not.
Is the money printer next? Eh, probably not.
Is a crash in housing next? Perhaps
Will inflation rise? Maybe, maybe not.
Could Russia or China start a war? Sure.
None of the items on this list are positive. Our story is being written by legislators and regulators, none of whom seem to have any idea what they are doing.
Yet despite all of these unpleasant side plots, crypto is still here.
And that is the real story.
In the past couple of weeks, we have seen massive news from institutions. None of it has moved the needle or garnered much attention. Fidelity, Charles Schwab, Sequoia Capital, Citadel, Nasdaq, and Mastercard all made serious commitments to building out institutional infrastructure. Nobody batted an eye.
Crypto lacks flashy narratives for the moment, but all signs are pointing to monstrous capital inflows in the next couple of years. Wall Street would not be piling in if crypto was “going to zero” or if they lacked conviction in the future of the asset class. They are all hands on deck, building a fleet for the next inevitable bull run and for the long haul.
I hope you’re ready.