Every major movement in history eventually becomes institutionalized. Crypto is no exception.

When I entered the world of cryptocurrencies in 2016, it carried a revolutionary energy. The internet was once an anarchic and free space, but it had been centralized by FAANG giants. Crypto was like a movement chasing that lost freedom. There were governments and banking systems trying to punish us. But we believed: a decentralized monetary system, individual privacy, transactions that no one could control. We felt we could truly create change.

David Bowie's 1999 interview had a profound impact on me. Bowie said that rock 'n' roll was once a symbol of rebellion but lost its power after being accepted into the mainstream. Now, the same thing is happening with crypto. The laser-eyed meme, once a symbol of rebellion, is now worn by presidents. When Bitcoin surpassed $100,000, it was no longer a shock to anyone.

I fast-forward. 2025 became the year crypto entered the mainstream. It took the center stage at Davos. Heads of state declared national priorities, JP Morgan and BlackRock promoted Bitcoin as a serious asset class comparable to gold. Stablecoins handled more transaction volume than major payment networks. Tokenized real-world assets advanced toward infrastructure. MiCA and GENIUS laws turned gray areas black and white. Institutions are adding crypto assets to their balance sheets. DeFi is becoming more understandable for executives and family offices.

Is this success, or surrender? Purists say the goal was to create an economy parallel to the existing system, but crypto was just integrated into it. But I think we need to look deeper. Crypto rewrote the fundamental logic of TradFi. It challenged monopolies and forced a choice between innovation or death. Institutions can control and regulate these elements, but they cannot eliminate them.

Once a rebellion, crypto is now canon. It can express rebellion, but it cannot be rebellion itself. This directs people seeking change toward the next frontier. Every revolution ends with the need for protection, and protection by nature is conservative. We succeeded. Crypto, the new order. But like rock 'n' roll, it is gradually normalizing.