For the past few days, I have been repeatedly asked the same question: "Why did you transition from traditional finance to the world of cryptocurrencies?" To find an answer to this question, I had to look back into history.

I have been involved in the traditional hedge fund industry for the past 25 years. I witnessed firsthand the development of the FICC (Fixed Income, Currencies, Commodities) markets and learned how technology is reshaping finance. In the late 1970s, the advent of computers and semiconductor technology completely transformed the financial world. Pioneers like Blythe Masters were able to pioneer the derivatives markets precisely because of these technological innovations.

When options pricing, once calculated manually, was processed instantaneously by computers, finance evolved into a completely new form. Like the footprints Blythe left behind, technology has always been shaping the future of finance.

What we are witnessing today is exactly the same phenomenon. AI and blockchain are leading a new wave of change, and cryptocurrency assets are moving from early stages toward maturity. Just as the journey of commodity futures trading from the screams of open outcry on the exchange floor to today’s ETFs, cryptocurrencies are following the same path.

In 2022, I began genuine conversations with industry giants. Back in 2021, when Bitcoin was around $70k, I honestly said that I could not fully understand this asset with existing financial theories. But I was certain of one thing: the fact that the U.S. Commodity Futures Trading Commission (CFTC) clearly defined it as a tradable financial asset was key.

Later, when the market dropped to $20k, many asked me, "Has the era changed?" No, my analysis was correct. Cryptocurrencies follow the same liquidity crunch logic as traditional assets.

Through years of interaction, I realized that many of the giants in the crypto industry are the same people who once led traditional finance. Initially, everything grew in a rough and improvisational manner. But true success comes at a turning point—when companies adapt quickly to change.

My prediction is that between 2025 and 2026, the cryptocurrency industry will reach a historic turning point. During this period, regulatory clarity will be strengthened, and institutional capital will begin to flow in earnest. Just as Blythe redefined the FICC markets, we are now moving into the "FICC+C" era.

Stablecoins have already separated the payment functions of blockchain technology. So, what is Bitcoin? It is a "financial asset capable of preserving value and enabling transactions." This is the most perfect definition.

Looking at history, since the 1980s, direct participation of individual investors in the U.S. stock market has decreased, while participation by financial institutions has increased. This is an inevitable process as markets mature. The cryptocurrency market has exactly reached this stage.

The history of Western financial development has been a process of "financial innovation → regulatory compliance → maturity." Cryptocurrencies follow the same logic. Clear regulatory answers will emerge by 2025. At that moment, traditional Wall Street capital will begin to actively participate.

The conclusion is simple: your industry has matured enough to be included in traditional investment portfolios. Just as Blythe envisioned the future of the FICC markets, we are now opening a new chapter in the "FICC+C" era. This is why I decided to join this journey.