Crypto is a tale of two worlds. On one hand, the space has never had as strong a product-market fit as it does today across a range of categories, from payments to infrastructure to decentralized finance. Builders have access to capital, a more welcoming (if still imperfect) domestic regulatory environment, and increasingly mature infrastructure. It’s easier to build and use crypto products now than at any point in the past.
Yet on the other hand, the space continues to be awash with grift, short-termism, and a lack of broader public support. Sentiment was supposed to be different in 2025. Instead, a malaise still hangs over the market. What gives?
