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Miko Matsumura: No More Crypto Wild West, This Cycle Will Reward Different Behaviors

The “wild west” era of crypto is over, according to Miko Matsumura, managing partner at Gumi Cryptos Capital. The industry has already won its main battles as financial infrastructure becomes more mature.

Matsumura welcomes the current bear market, but he warns that this cycle will reward different behaviors compared to previous cycles. Builders who only repeat meme coin strategies will fall behind as new capital and stricter regulations start to come in.

The Crypto Industry Has Already Won, Says Miko Matsumura

In an interview with BeInCrypto at the NBX Warsaw conference, Matsumura explained that crypto has actually achieved a structural victory.

“I think we’ve basically won. We’ve gotten everything we wanted.”

He divides this victory into three parts, mapping the crypto sector into roles within traditional finance.

“I think the central bank has been solved, which is Bitcoin. In my opinion, the investment bank has a solution, which is Ethereum. I believe retail banks are also solved.”

Some chains seem to share the role of retail banks, with Base and Solana competing at that layer.

The presence of regulation, he says, is additional proof that the industry has reached the finish line. The next chapter is about scaling crypto a thousand times over, not redefining it.

This Bear Market Is Different from Before

Miko Matsumura describes himself as a net accumulator, and he is happy with lower prices. But he emphasizes that the next rise will not reward the same tactics as before.

“I think this is not like previous bear markets because we’ve entered a new phase, from frontier to traditional. People won’t be rewarded just by doing the same things as in the last cycle.”

He openly talks about meme coin speculation as a quick way to get rich.

“I don’t think it will be like this: oh, just make another meme coin, and you’ll be rich. It won’t be that easy.”

He stresses that usually only builders with strong conviction gain the biggest profits at the peak of a bear market. Newcomers and stricter rules will change what is considered a winning strategy in this cycle.

Where Will Opportunities Shift Next

At the same time, Miko Matsumura highlights the rapidly growing economies of Latin America and Nigeria as new frontiers for crypto. He also adds that solo founders using AI tools to reduce burn rate will stand out more.

“You have to keep building during a bear market, but you really need to take a different approach… create something different and practical solutions that can solve real problems.”

Matsumura mentions courage, curiosity, and high conviction as qualities he looks for in founders this cycle. He recommends prioritizing application layer development over rebuilding the foundation.