What is the future of the cryptocurrency industry?

In this round of bull market, only cryptocurrencies associated with stocks can be discussed, while many smaller coins have perished. Many are still debating whether altcoins will rise, but the answer is that most project teams have already given up on their projects, while you still hold on to faith. Investing in altcoins is more like venture capital; it’s about the people and the team, not the project itself. If you still believe in the future of altcoins, then you should research the project teams thoroughly. Only capable teams deserve a chance at the future.

In fact, every bull market sees significant participation from external funds. The end of a bull market comes with a wave of liquidity exiting. This round will end when Wall Street can no longer buy; if the U.S. can continue to incur debt, print money, and lower interest rates to release liquidity, the market can continue to rise. Conversely, it may come to an end. Recently, it seems that prices in the U.S. have started to rise again. The expectation for interest rate cuts in the second half of the year is two times, with a probability of over 70% for a 25 basis point cut in September, but only 50% for October. According to Powell's stance, if CPI rises, there might only be one rate cut. My current attitude towards the market is cautiously optimistic; we will fight and retreat. The louder the call for a bull market, the more noise there is. Stay clear-headed; when an avalanche arrives, no snowflake is innocent.

The main narrative of this bull market is the tokenization of everything, so opportunities will be found in Real World Assets (RWA) and stablecoins in the future. Aside from that, I don't see much innovation. Tokenization requires strong endorsements from institutions or governments, simplifying intermediary processes through blockchain technology. This will take time to implement and will encounter numerous obstacles, as it will affect the interests of many intermediaries. Therefore, everything is still developing and in progress. Thus, the status of Bitcoin should not be doubted; other coins may just be a passing fad. If you are a long-term investor, continue to hold Bitcoin and participate in some RWA projects after a crash; this might be your alpha for the next upward cycle.