The past 20 years have completed the grand trajectory of the old world: globalization—cheap capital—unlimited expansion.

The current reality is geopolitical fragmentation, capital borders, and national security taking precedence over efficiency. The era where growth alone could justify investments has ended.

25–27 years will be a critical period 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 sustain itself, but new growth engines have not yet fully emerged. This will lead to overall asset price unfriendly conditions, making entrepreneurship and investment more cautious.

Most people may feel there are no opportunities or directions, but this is the most important phase.

Infrastructure capabilities will re-enter the stage, and teams with cross-system collaboration skills will stand out. Tasks like compliance, governance, verification, and settlement—currently seen as dirty, tedious work—will become important. Technologies and structures that can be accepted by governments, institutions, and long-term capital are essential.

The reason for the current bear market is dominated by growth pains. Recall the environment of 2020–2021.

Due to pandemic-related massive liquidity injections, interest rates were extremely low. Money couldn’t find yields → flowed into
stocks, real estate, crypto, and various high-risk assets.

Assets experienced a broad bull market.

From 2022–2025, the US maintained high interest rates, and the world entered a tightening cycle. This has a root cause—triggered by the pandemic. The market during this bull run has already overdrawn the future, and it has overdrawn the next 20 years of bull markets. This is a point many people have not realized.

However, some markets are also good, localized ones, such as the US stock market, the Korean stock market, or gold. So why is crypto bear market so unrelenting and hard to shake?

Because crypto is the most sensitive to liquidity, with the highest leverage and the most forward-looking expectations.

What I want to say is that in the next decade, crypto will dominate and absorb traditional finance. Crypto is much more important than you think.

The fundamental 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.

Why is this?

Stocks replacing physical assets
Electronic trading replacing manual trading
High-frequency trading replacing manual market making

The stock trading market is heavily regulated, but it is also a slow, inefficient vessel of the old world—structurally flawed.

T+1 / T+2 settlement (capital frozen)
Trading, clearing, settlement, custody are separate systems
Not 24/7
Cross-border transactions are extremely slow
Collateral utilization is low
Corporate actions like dividends, stock splits, voting are highly manual

From the perspective of capital efficiency, the stock market is a system designed to artificially reduce capital turnover. Crypto, on the other hand, is a system born for high-speed capital circulation.

But why must crypto swallow the stock market within this decade?

Because the stock market has reached the limit of institutional efficiency, constrained by laws, vested interests, and historical system compatibility. Clearinghouses, custodial banks, brokers, market makers—these intermediaries are themselves embodiments of friction.

You cannot improve system efficiency by an order of magnitude while retaining all these intermediaries' powers. Therefore, crypto must upgrade via bypasses rather than internal reforms.

Just like in the past:

The internet bypassed print media
Email bypassed postal systems
Alipay bypassed credit cards

The logic is entirely consistent.

Once cash is tokenized (stablecoins / tokenized deposits), stocks, funds, and bonds will also be tokenized.

Then, the boundary between stock markets and crypto will technically disappear; the only difference will be which system is more efficient.

Unfortunately, in the past five years of the last decade—those five years of highest growth efficiency—the most valuable global computing infrastructure was controlled by a bunch of foolish white leftists from foundations, wasting time and funds on the wrong directions.

Mainly, they treated crypto as a social experiment, obsessed with narrative correctness, replacing engineering and financial discipline with ideology, conducting a lot of explorations that did not improve actual capital efficiency.

Truly impressive thinkers. Not greedy for money or corrupt—this kind of twisted ideological imposition on the entire community for pointless meditation and nihilism is the most disgusting corruption. It has very low value in building the next-generation financial system.

The core of the new decade is substitution.

Do not oppose capital, institutions, or regulation. A basic principle is that opposing them will only lead to destruction. Use more efficient systems to replace inefficient ones, downgrading traditional finance into just a historical module within the crypto system.

2025–2035 will be a decisive decade. Capital will inevitably migrate to systems with higher liquidity velocity. Crypto swallowing traditional finance is the correct direction.

It will also be a natural evolution of financial infrastructure.