Crypto, was it once a rebellion or just the institutionalization of another system?

Every revolution in history ends the same way. Initially a radical challenge, then quickly integrated into the established order. It’s interesting to see that crypto has followed a similar path. Spot ETFs, institutional custody solutions, major banks’ crypto desks—all of these were once taboo. Now they’re standard.

As Hannah Arendt said, "The most radical revolutionary becomes conservative one day after the revolution." David Bowie also expressed this in 1999: The Internet felt chaotic and nihilistic. Like a force for revolution. But rock 'n' roll? It had lost its power. Once a shocking art form, it eventually just became a currency.

A similar transformation is happening in crypto. When we entered the crypto space in 2016, we felt that this field carried a truly rebellious energy. Decentralized internet, individual privacy, money outside government surveillance—these weren’t just technical features, but an ideological stance. Inspired by cyberpunks, there was a dream of creating an economic reality outside the system.

Today, however, the situation is different. In Davos, crypto is now at the center stage. Heads of state declare it a national priority. JP Morgan, BlackRock, Morgan Stanley—the world’s biggest financial players—are introducing crypto assets with institutional seriousness. Public companies are including crypto in their balance sheets. Major brokerages like TP ICAP are directing 1% of their annual $200 trillion commodity transactions through crypto markets.

Stablecoins are processing more volume than payment networks. Tokenized real-world assets are moving toward infrastructure. The GENEUS Act in the US and MiCA in Europe are closing regulatory gray areas. DeFi is becoming more understandable for traditional asset managers and family offices.

Purists will say, "Crypto never changed the system, it only added to it." But the truth is more nuanced. Crypto may not replace traditional finance, but it rewrote its fundamental logic. It challenged and forced the renewal or disappearance of long-standing monopolies. Institutions can adopt, regulate, and contain these core elements, but they cannot eliminate them.

The laser-eyed meme symbol shows this. It was born as a provocation and slogan for the belief that Bitcoin would surpass $100,000. Now the number has been surpassed, and the meme has been worn by presidents. The subculture has lost its edge.

Crypto is no longer shocking to anyone. It has transformed from a culture of protest into a canon. Like every revolution, the rebellion migrates into newer, less understood environments. What happened to rock 'n' roll was inevitable for crypto. We did it. Crypto has become the new order. But whatever happened to rock 'n' roll will happen to crypto too.