In 2022, the crypto world seemed to be on the brink of collapse. High-profile implosions, like the bankruptcy of FTX and the collapse of Three Arrows Capital, signaled what many believed was the end of the road for cryptocurrencies. However, fast forward to 2025, and the crypto scene is not just alive; it’s thriving, imbued with a palpable sense of optimism and revival.
The New Boom
Cryptocurrencies like Bitcoin have soared, reaching unprecedented heights with values climbing over US$140,000. This resurgence is bolstered by a crypto-friendly administration under US President Donald Trump and widespread adoption by industry giants such as Goldman Sachs and BlackRock. This newfound momentum has turned events like Token2049, the world’s largest crypto conference, into mainstream behemoths, gathering thousands upon thousands of participants and spreading across entire convention centers.
Anti-establishment Vibes and Idealism
The crypto subculture has always been a curious blend of idealism and opportunism, attracting those disillusioned by traditional finance. It portrays itself as a bastion of decentralization against conventional banking systems. People like Singapore’s Mr. Jeremy Tan have a sense of “resistance money,” feeling akin to movements like Occupy Wall Street in their quest for financial autonomy and fairness.
Scandals and Skepticism
Despite its resurgence, cryptocurrency has not shed its shadow of scandal. The line between ambitious tech innovation and fraud remains thin, with incidents like the hacking of Kyber Network casting long shadows. Enthusiasts and insiders maintain a complex relationship with risk, viewing volatility as an industry feature, not a bug. Acceptance of cybercrime as inevitable persists, with malicious behavior sometimes rationalized as just another digital frontier battle.
Melding Worlds: Institutionalization and Cultural Shifts
Crypto is increasingly attracting talent from traditional finance and tech sectors, creating an intriguing intersection of countercultural free spirits and buttoned-up professionals. Conferences like Token2049 embody this fusion, where sharp-suited bankers rub shoulders with crypto enthusiasts in informal attire. This culture clash contributes to the magnetic pull of the industry for those who relish its dynamism.
Balancing Act: Regulation and Future Directions
Singapore’s evolving regulatory landscape challenges the crypto sector to find its footing between innovation and compliance. While stringent policies like those enforced by the Monetary Authority of Singapore pose new hurdles, believers see legitimacy growing through regulation-manifested frameworks like the US Genius Act. As crypto eyes the future, achieving balance between decentralized ideals and structured growth remains critical.
What the future holds for this fast-evolving market is anyone’s guess, but one thing is clear: The hubris of the crypto bros, much like the currency itself, seems here to stay.