In the past 20 years, the general direction of the old world has been completed: globalization - low-cost capital - infinite expansion.
The current reality is that geopolitical fragmentation, capital has borders, and national security takes precedence over efficiency. The era where growth automatically leads to buyers has ended.
2025–2027 will be an important time for de-bubbling.
The core contradiction at this stage is that the system built on low interest rates, credit expansion, and narrative amplification can no longer operate, but the new growth engine has not yet fully connected. This will lead to overall unfriendly asset prices, making entrepreneurship and investment very cautious.
Most people feel there are no opportunities or directions, but this stage is the most crucial.
Infrastructure capabilities will take the stage again; teams with cross-system collaboration capabilities will stand out. Compliance, governance, verification, and settlement—these dirty and labor-intensive tasks that no one wants to touch now will become important. We need to develop technologies and structures that can be accepted by countries, institutions, and long-term capital.
The reason for the current bear market is dominated by growth pains. Can we recall what the environment was like in 2020 and 2021?
Globally, due to the pandemic, there has been massive liquidity, and interest rates are extremely low. Money cannot find yield → flows to
Stocks, real estate, crypto, and various high-risk assets
A comprehensive bull market in assets
From 2022 to 2025, the US will maintain high interest rates, and the world will enter a tightening cycle. This matter has its roots in the pandemic; this round of bull market has already overdrawn the future, and what is overdrawn is the bull market of the next 20 years. This is something many people are not aware of.
However, some markets are also doing well, locally, such as the US stock market, the South Korean stock market, and gold. So why can't crypto bear market rally at all?
Because crypto is the most liquidity-sensitive, highest-leverage, and most expectation-driven market.
What I want to convey is that the next decade will definitely see crypto devour traditional finance. Crypto is much more important than you think.
The first principle of capital is to maximize liquidity velocity. Capital will migrate from systems with low liquidity velocity, high friction, and slow settlement to systems with high liquidity velocity, low friction, and fast settlement.
This is why:
Stocks replace physical assets.
Electronic trading replaces manual trading.
High-frequency trading replaces manual market making.
The stock trading market is heavily regulated, and it is also a stupid, low liquidity rate old world ship; the problem with the old world ship is structural.
T+1 / T+2 settlement (capital is frozen)
Trading, clearing, settlement, and custody are separate systems.
Not 7×24 hours.
Cross-border transactions are extremely slow
Low collateral utilization
Corporate behavior, dividends, stock splits, voting are highly artificial.
From the perspective of capital efficiency, the stock market is a product of a system designed to lower capital turnover rates. Crypto is a system born for high-speed capital circulation.
But why must the absorption of the stock market happen in this decade?
Because the stock market has reached the upper limit of institutional efficiency, upgrades are constrained by laws, vested interests, and historical system compatibility. Clearing houses, custodian banks, brokers, and market makers—these intermediaries are the embodiment of friction themselves.
You cannot enhance system efficiency by an order of magnitude while retaining all the power of these intermediaries. Therefore, crypto must perform a side upgrade rather than internal reform.
Just like back then:
The internet bypasses traditional media.
Email bypasses the postal system.
Alipay bypasses credit cards.
The logic is completely consistent.
Once cash is tokenized (stablecoins / tokenized deposits), stocks, funds, and bonds are tokenized
Then the boundary between the stock market and crypto technically disappears, and the only difference left is: which system operates more efficiently.
Unfortunately, in the last five years of the past decade, the five years with the highest growth efficiency, the most valuable world's computer has been controlled by the stupid white left of the foundation, wasting time and money in the wrong direction.
Mainly manifested in treating crypto as a social experiment, indulging in narrative correctness, using ideology to replace engineering and financial discipline, and conducting a large number of explorations that do not actually improve capital efficiency.
Truly impressive, thinker. It’s not that one is not greedy for money or not corrupt; the most disgusting and nauseating corruption is imposing one’s distorted ideology on the entire community to engage in nonsense meditation and nihilistic ideological exploration. This has very low value in building the next generation of financial systems.
The core of the new decade is substitution
Do not oppose capital, institutions, or regulation. One common sense is that whoever you oppose will harm you. Use a more efficient system to replace the inefficient system, and downgrade traditional finance to a historical module in the crypto system.
2025–2035 is a decisive decade. Capital will definitely migrate to systems with higher liquidity velocity. Crypto devouring traditional finance is the correct direction of work.
It will also be a natural result of the evolution of financial infrastructure.
