TLDR Tech / Crypto
Crypto's Age of Hype Is Over
Crypto's declining cultural cachet mirrors the music industry's post-rock-and-roll transition, where the infrastructure layer became the enduring value driver, framing institutional adoption by players like JP Morgan as bullish rather than co-optation. The substantive innovation is occurring quietly, as stablecoins facilitate cross-border settlement, tokenized assets open markets in underserved regions, and self-custody tooling matures without institutional approval. The central thesis is that permissionless development from the periphery – builders in emerging markets operating outside boardroom visibility – will define the next phase of the industry.
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