All in AI has become a consensus, but when something becomes a consensus, ordinary people can only watch from the sidelines because the meat has been eaten by VCs and giants. What about the other field once favored by VCs—Crypto? It has been in a bear market for four months now, and the entire market is in complete silence. The former mining king Wu Jihan recently sold all his BTC, Ethereum founder Vitalik has been selling his ETH, and large amounts of capital are flowing into AI stocks. Meanwhile, central banks around the world are actively stockpiling physical gold, and BTC is facing a situation with few takers.

Based on current signs, it seems that Crypto is gradually heading toward extinction. Is there a possibility that could allow Crypto to regain market attention? That’s the topic I want to discuss. Here are several narratives about Crypto that have not yet been disproven.

1: RWA, currently mainly refers to the issuance of on-chain US stocks, such as Tesla, Google, Nvidia, Meta. The market size of these assets is gradually growing against the backdrop of the Crypto bear market. The participating groups mainly come from retail investors who cannot access the US stock market. Additionally, Nasdaq and NYSE are developing tokenized securities trading platforms to enable 24/7 trading and instant settlement of stocks. It’s foreseeable that RWA is a compelling Crypto narrative (explaining why the market liquidity of tokenized stocks will gradually increase requires a dedicated article, so I won’t elaborate here).

2: Stablecoin, which is closely related to the RWA narrative. All current and future RWA transactions will be based on USD stablecoins, and stablecoin issuers will become important participants in US debt. Therefore, the development of the stablecoin market size is inevitable.

3: Web 4.0, a recent narrative, essentially refers to AI Agent + Stablecoin. The idea is that AI Agents will use stablecoin trading to make money, and they will need infrastructure built specifically for identity, reputation, payments, and verification. Ultimately, it’s still the concept of AI + Crypto, but this idea has yet to be proven effective.

4: Digital Gold, a narrative that Bitcoin needs to prove. Currently, it perfectly follows the four-year cycle trajectory but has not yet been accepted by most central banks worldwide.

5: Privacy + Quantum Resistance narrative. Currently, most blockchain data is transparent, which hinders large-scale adoption. If RWA and Stablecoin have prospects, then the privacy + quantum resistance narrative also has potential.

Many people say that AI is useful to humans, while Crypto, apart from gambling, has no other significance for humanity. Others say that Crypto is useful for AI, and I agree with both viewpoints.