A late October article by crypto outlet CoinDesk has called the end of the crypto downturn that characterized the sector from 2022 to 2023.

The article focused on recent gains led by Bitcoin, based on inflows from institutional investment concerns, and the winding down of the FTX debacle. (“Crypto Winter Is Over,” 30 Oct 2023.)

It also took a swipe at crypto’s financial outsider ethos, suggesting that while cryptos may have been born as an antidote to entrenched financial and monetary powers, the sector now depends on those players for its future:

“You may not like the new narrative, believing it departs from the purpose and origin story of crypto (which was to provide an alternative to mainstream finance). But it’s assuredly the reason why people are getting excited about crypto again.”

The article doesn’t contemplate that the renewed interest in bitcoin and crypto technology more generally, might have something to do with the state of trad-fi, and a fiat system that has been thoroughly abused and weaponized.

As for the call of the end of crypto winter, we made that call here in The Trends Journal four months ago, in early July. (See “CRYPTO ADOPTION CONTINUES TO RISE IN DEVELOPING REGIONS AND CUTTING EDGE TECH HUBS” 5 Jul 2023 and “SYNERGIES SPELLING NEXT CRYPTO WAVE” 25 Jul 2023.)

As we like to say, we kept our readers well ahead of the trends.

TRENDPOST: Our take on the end of crypto winter is a little bit different. Yes, trad-fi is flocking to bitcoin, and that will likely only accelerate. But it’s not because bitcoin changed. Rather, monetary debasement and financial manipulation of the fiat system, via weaponization of SWIFT, for example, has led to an inevitable erosion of faith and stability in the legacy order.

Yes, the crypto sector will continue to be affected by government and trad-fi involvement, interest and regulation.

But core permissionless blockchain networks like Bitcoin, Ethereum and Solana are influencing legacy powers and technologies with just as much impact.

People demanding integrity in currencies, freedom of expression, reduction in middle players controlling and gouging transactions between creatives and consumers, and greater control over personal data, all have a stake in the innovations of crypto technology.

Cryptos will continue to transform web2 to web3. Legacy tech and financial companies can’t deny the innovations of crypto technology. And while they can get in on it, they can’t completely co-opt or suppress it.

And that’s a good thing.

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