Author: redphone Source: @redphonecrypto Translation: Shano, Golden Finance

14 perspectives on the current crypto market, covering various aspects such as Bitcoin ETFs, crypto and politics, and the adoption of cryptocurrencies. Here are some important observations and reflections:

1. Departure of old friends: the cyclical changes in the crypto industry

Many friends who were acquainted during the DeFi summer of 2020/21 are now paying little attention to this industry. Although this is regrettable, it is also an inevitable part of the industry's maturation process. Since 2013, such phenomena have occurred in every cycle, repeating over and over.

2. Bitcoin ETF: a historical turning point for cryptocurrencies

The launch of Bitcoin ETF marks an important moment for cryptocurrencies. This event symbolizes the transition of cryptocurrencies from the 'cyberpunk' phase to the 'corporatization' phase. The industry's style is undergoing a fundamental shift.

3. Corporatization phase: ordinary yet more influential

Although the corporatization phase lacks the previous fervor, it is more profound in terms of influence and coverage. This phase will include the integration of native cryptocurrencies into platforms like Chrome, iPhone, Android, and other more user-friendly crypto solutions. The user experience of cryptocurrencies is still poor, but the infrastructure is essentially ready. What we need is a new perspective to build a seamless and elderly-friendly interactive experience.

Company-led "speculative frenzy" and future trends.

During the company-led phase, there will also be its own "speculative frenzy", and currently, companies represented by BlackRock are leading this trend. Although this frenzy requires time to accumulate momentum, once the price of bitcoin soars and real-world assets (RWAs) begin to be adopted, more and more companies will get involved, and company employees will also start buying cryptos, driving buying pressure not only from us, the "outsiders".

The real frenzy has not yet begun.

Only when bitcoin breaks through the high point of 0.1 million US dollars, will the true frenzy of cryptos arrive. What currently seems unremarkable will also become exciting again at that time.

Profound impact of elections.

The impact of election results is enormous. Trump's victory could completely change the development trajectory of cryptos, while Trump's defeat would mean that countries outside the USA will have the opportunity to lead the trend in the next four years, which is a significant opportunity for these countries.

Global liquidity and the future of the industry.

Global liquidity has a profound impact on the crypto industry, and capital inflow will restart quickly, which is an important signal for the market.

8. The Political Leaders of Cryptos

In this cycle, we may see a political figure emerge as a spokesperson for cryptos, much like Michael Saylor's role in the corporate world. This might be Trump, but it is more hopeful to see a figure with a stronger technical background and inspiring leadership emerge. For a country, actively embracing cryptos and incorporating them into the national reserves would be a huge opportunity to set an example globally.

9. The Younger Generation Leading the Future

The younger generation will lead the future of cryptos. Observing their actions and thoughts can help us understand the direction in which cryptos are heading, as well as the new things they can bring beyond the old mindset. We need new ideas to guide us forward.

10. Cryptos Will Not Disappear

In past bear markets, I once doubted whether cryptos would completely disappear. But now, I no longer worry about this (unless there is some disruptive AI architecture that renders decentralized blockchains ineffective). This change allows me to sleep at night, but also reduces the thrilling speculative fun of the past.

11. Decentralization: Using Algorithms to Replace Human Weakness

Decentralization can be seen as a way to eliminate human errors in business interactions—algorithms triumph over emotions. As the importance of AI grows, cryptos will also become increasingly important.

12. Insights of Memecoin

Without the systems we have built in the past decade, Memecoin simply would not exist. Despite seeing some behaviors I don't like, these behaviors in turn motivate me, because it means that this industry is truly 'permissionless.' I am willing to believe that this freedom will give birth to more innovations that are beneficial to humanity.

13. The Determined Will Become the Kings of the Next Cycle

Those who are currently firm in their beliefs and working hard to build will become the kings of the next cycle. With a mindset of never giving up, every step forward now could potentially double in value when the future boom returns. The current downturn can be seen as an opportunity.

14. The Future of Cryptos: Technology and Dreams

Half of the popularization of cryptos is technology, the other half is dreams. We need grander dreams to drive the progress of this industry.