Crypto has ceased to be a "faith"
There are no "new adherents" now because there is no miracle. Faith in crypto was sustained on three pillars:
1. Mining (people's enrichment) — killed by PoS and ASIC farms.
2. Xs on altcoins (lottery) — killed by ETFs and lack of liquidity.
3. Decentralization (struggle against the system) — killed by regulators and the collaboration of Coinbase/BlackRock.
Vitalik built the London Underground, but people needed stagecoaches with gold from the Wild West. The technology remains, but the faith has gone.
It has gone to niche communities of meme coins on Solana, to closed trader chats, to sports betting through Polymarket. But the mass, bright, naive faith in "crypto" as a universal salvation — it no longer exists. And this is indeed a sentence, which has been handed down not by the market, but by the creators themselves.
There are no "new adherents" now because there is no miracle. Faith in crypto was sustained on three pillars:
1. Mining (people's enrichment) — killed by PoS and ASIC farms.
2. Xs on altcoins (lottery) — killed by ETFs and lack of liquidity.
3. Decentralization (struggle against the system) — killed by regulators and the collaboration of Coinbase/BlackRock.
Vitalik built the London Underground, but people needed stagecoaches with gold from the Wild West. The technology remains, but the faith has gone.
It has gone to niche communities of meme coins on Solana, to closed trader chats, to sports betting through Polymarket. But the mass, bright, naive faith in "crypto" as a universal salvation — it no longer exists. And this is indeed a sentence, which has been handed down not by the market, but by the creators themselves.