This year, the crypto market has become more mature, no longer just a testing playground but gradually shaped by the participation of large institutions, more responsive legal regulations, and increasing macroeconomic pressures.
As this industry moves towards 2026, future directions will depend on which assets can "pass the organization's screening," as well as the risks of recession, changes in monetary policy, and the wave of stablecoins continuing to reshape the position of crypto in the financial order surrounding the USD.
Institutional investment drives the consolidation of the crypto market
Throughout 2025, BeInCrypto interviewed veteran investors and top economists to evaluate what the future holds for the crypto industry and what lies ahead for a field known for its uncertainty.
Shark Tank investor – Kevin O’Leary – comes from a simple perspective: When institutional capital flows in, crypto will no longer be a continuous token hunt, but will gradually focus on a limited group of assets, sufficient to justify long-term allocation.
He used himself as an example. Previously, O’Leary was a skeptic of crypto, but as the legal landscape became clearer, he decided to enter this market.
Initially, this billionaire chose to buy a diverse range of assets. His portfolio reached 27 tokens. Later, O’Leary realized that was excessive. Currently, he only holds 3 types of cryptocurrency, and he believes that is sufficient for his needs.
"If you account for the volatility of just Bitcoin, Ethereum, and one stablecoin to create liquidity... That's enough for me," O’Leary shared with BeInCrypto in a podcast episode.
For O’Leary, each type of asset has its own role. He sees Bitcoin as an "inflation shield," often comparing it to digital gold due to its scarcity and decentralization.
Ethereum is not a currency but the technological platform of a new financial system, linked to long-term development through technological innovation. As for stablecoins, he holds them mainly for the flexibility to withdraw/invest capital, without placing much emphasis on profitability.
This approach is also his perspective on the year 2026 – when regulations are more refined and investment organizations engage more deeply, with capital primarily flowing into Bitcoin and Ethereum as the two main pillars. Other tokens will face significant challenges in attracting long-term capital, mainly only "competing" at the edges of the market.
At that point, crypto investment will no longer be a speculative game but will gradually move towards building a structured portfolio – similar to how traditional assets are operated.
But as investors narrow their choices, the question of "who controls the monetary system of crypto" becomes much more complex.
Control of the dollar shifts to on-chain
While people like O’Leary choose to narrow their portfolios, Greek economist and former Finance Minister Yanis Varoufakis points to a different shift.
In a podcast episode with BeInCrypto, he argued that the control over the monetary infrastructure of crypto is increasingly tightening, especially as stablecoins gradually fall under the scrutiny of governments and corporations.
He points out that the new policy of the U.S. is a turning point: through laws like the GENIUS Act, Washington is encouraging the expansion of the USD system through stablecoins. Stablecoins are no longer meant to "overthrow the old order," but are becoming protective tools for the current financial system.
He also relates this to what is called the "Mar-a-Lago Agreement," which aims to weaken the exchange rate of the USD while still maintaining its dominance in global payments. This contradiction is what concerns him.
Varoufakis warns that this model essentially transfers monetary power to private issuers, increasing financial concentration risks while reducing accountability to the public. This risk does not only affect the United States, but as stablecoins linked to the USD spread to other economies, the consequences will be even greater.
"Right now, there are numerous companies in Malaysia, Indonesia, and even Europe increasingly using Tether... This is a very significant issue. Suddenly, these countries... have central banks that can no longer control their money supply. The ability to conduct monetary policy is diminished and instability thus increases," Varoufakis shared on a BeInCrypto podcast episode.
Looking towards 2026, he calls stablecoins a "systemic breaking point."
If there is a serious incident, it could create a wave of cross-border financial crises, exposing the greatest weakness of crypto – not volatility, but the increasingly deep ties with traditional financial powers.
These risks currently only exist theoretically under stable conditions. The real test will come when growth slows, capital flows are tightened, and the market starts to fracture.
Steve Hanke – former economic advisor to President Ronald Reagan – warns of such a "stress test" approaching.
Market stress tests in the context of a slowing economy
In this BeInCrypto podcast episode, the applied economics professor at Johns Hopkins University stated that the U.S. economy is nearing recession, not due to inflation but because of policy instability and weak monetary growth.
Hanke believes that unstable tariff policies and increasing federal budget deficits are the main factors affecting investment and confidence.
"When in that situation, investors wanting to invest in a new plant or a large project will hesitate and say: 'We should wait for everything to be clearer before deciding.' They will pause their investments," Hanke explains.
As the economic situation worsens, Hanke predicts that the Federal Reserve will continue to ease monetary policy.
He does not mention crypto directly. However, his macro perspective sets the context that crypto will have to face.
Liquidity being tightened and then unexpectedly loosened throughout history has always exposed vulnerabilities in the financial market, especially with systems that rely heavily on leverage or trust that can easily be shaken.
With crypto, this impact is structural rather than just speculative.
In the context of potential recession risks and constantly changing policies, tough periods will clearly show the true strength of projects. What can last long is not what develops the fastest, but what is robust enough to withstand a contraction.
