Ansem: I disagree that crypto is over; I’m bullish on AI and startups led by small teams.
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Ansem: I disagree that crypto is over; I’m bullish on AI and startups led by small teams.
There will be no more successful cryptocurrency startups.
Navigating Web3 tides with focused insightsAuthor: Ansem
Translated and edited by TechFlow
TechFlow Intro: As market sentiment sours, BTC stalls near its all-time highs, and ETH remains under sustained pressure, the chorus of “crypto is dead” grows louder once again. In this thread, renowned trader Ansem pushes back: poor performance by large-cap tokens ≠ industry decline. Stablecoins, perpetual contracts, and tokenization represent the true structural narratives. For investors still navigating asset allocation amid uncertainty, this long-term framework merits serious attention.
I disagree—crypto is simply maturing.
Stablecoins, perpetual contracts, and tokenization—as thematic pillars—will continue penetrating the global economy and spawn numerous successful crypto-native startups.
Hyperliquid is merely the first. It powerfully demonstrates how potent the combination of open blockchains and business tokenization can be—and many more will follow.
The root cause of current crypto market sentiment lies in the underperformance of mainstream large-cap tokens. BTC rose from $0.01 to $100,000 per coin in under two decades—a resounding success in preserving value against the dollar’s persistent erosion of purchasing power. Today’s challenge for Bitcoin stems from the “Ponzi-like” tendencies introduced by Saylor’s playbook—a temporary phase. I believe BTC won’t resume a clear bullish trend until this issue resolves. Additionally, quantum computing risks are real. Combined with institutional liquidity withdrawal, these factors provide ample justification for veteran BTC holders to de-risk into excess liquidity—we’ve already seen concrete examples, such as Galaxy’s $9 billion OTC sale (in 2025) on behalf of a single entity. Many similar individuals hold positions already generating infinite profit.
Yet after outperforming every other asset on Earth for over a decade, a few years of relative underperformance by BTC does not mean crypto is dead—that claim is absurd.
Ethereum, too, suffers for its own distinct reasons. I’ve spoken extensively on this topic, but it’s true: Ethereum faces competitive pressure from new entrants and has yet to establish ETH as a compelling long-hold asset. All L1s struggle on the demand side because historically their tokens were sold on the narrative of “future growth,” not real revenue. Now Hyperliquid has concretely demonstrated that a viable business can be directly tied to an L1 token—putting prior L1s at a disadvantage. They captured far too little revenue from applications built atop their own infrastructure. Ethereum’s situation is worse, as it outsources execution to rollups.
But that doesn’t mean we won’t see more successful crypto startups.
Crypto regulation is improving along a very clear trajectory—significantly lowering the barrier to entry for entrepreneurs building crypto businesses. Meanwhile, established tech companies are increasingly acknowledging blockchain’s advantages; Robinhood, Stripe/Tempo, and others serve as clear proof points.
AI has absorbed substantial attention previously directed toward crypto, and since the 2022 bottom, tech stocks have significantly outperformed crypto assets. As a trader, allocating time between equities and crypto is exceptionally prudent. In the past, overweighting crypto was rational—if you were willing to accept risk—because it was an emerging industry delivering extraordinary returns as it moved toward mainstream adoption.
Looking ahead, as AI models advance exponentially over the next several years, three underappreciated crypto tailwinds will emerge:
1) Open-source AI will become increasingly competitive with closed-source AI
2) Small teams will find it easier to build successful startups using software
3) Stablecoins and blockchains constitute superior infrastructure for AI agents conducting transactions
These converging trends suggest that crypto experimentation and token innovation may accelerate—not slow down—especially against a backdrop of continuously improving regulation and retail speculation becoming the next major macro trend.
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