I think we can all agree that it's looking like a bear market for crypto. The real question is how long it will last? And we could sit here and count all the reasons why we're headed for another winter. The dad flywheel ran out of fractal steam perhaps. Or it's all part of the four-year halving cycle, which many had believed wasn't relevant anymore, but it turns out that crypto is just as cyclical as ever. Maybe it's all political and crypto is collateral damage in the

furor surrounding the Trump administration's handling of the Epstein files. Or it's social,

with the general public really not interested anymore. The very vocal reaction to

Coinbase rug pulling backstreet boys karaoke in the middle of the Super Bowl would

then be a proxy for retail sentiment across the board. The real explanation could be much more

visceral than any of that. The reason crypto is down and not just even the prices, but culturally

speaking as well, is because there are just no enemies left. The US government no longer

an issue and fraudsters and blowhards like Doe Kwan, Alex

Mishinsky and SBF all long gone.

Securities regulators, also much more amenable under Trump, with former SEC chaired Gary

Denzel being the last great unifying villain the crypto has ever had to rally against.

At this point, I would probably say that we're now destined to witness crypto-dostrate

PVP.

In fact I wrote as much in August last year.

And now nearly six months later I'm struggling to pinpoint exactly who crypto would be fighting

against internally outside of perhaps Ethereum Layer 2 given Vitaly's recent medium.

And then it dawned on me.

FinTech.

FinTech might not be crypto's enemy, per se, but it's

clearly meant to be crypto's antagonist for the next cycle. I'm just not sure either

camp realizes it yet. I'm your host David Canellis, and this is The Break to buy or sell securities or tokens.

This podcast is for informational purposes only and any views expressed by anyone on the show

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