Crypto Story Crisis: When the Second Mission Cannot Be Accomplished

The current crypto market is in a state of exhaustion regarding its “narrative.” It’s not because technology has reached its end, but because the second-phase mission of this industry, at least for now, is almost impossible to achieve. The first-phase mission of crypto has actually been accomplished: making digital assets a part of the mainstream financial system. Bitcoin, Ethereum, and many other digital assets have been widely recognized, held by major institutions, discussed at the national level, and included in many funds’ portfolios. This stage was primarily driven by trust and consensus. However, the second phase carries much bigger ambitions: transforming crypto into a financial market capable of rivaling, even surpassing Nasdaq. This is not just about market capitalization or liquidity, but about the core role of the market: an efficient, decentralized, fast, and low-barrier capital-raising platform. In theory, crypto can absolutely achieve this. An individual with an excellent business idea and a clear operational model should not have to struggle with traditional fundraising rounds, nor need to overcome a series of complex legal barriers to list on domestic or international stock markets. Instead, they only need to access the crypto market to raise tens or even hundreds of millions of dollars to realize their vision. But in reality, the opposite is true. To fulfill this mission, crypto needs to prove that it can incubate and nurture dozens of truly unicorn companies, with products, revenues, and economic impact. Unfortunately, the current picture of the market shows the opposite: the overall quality of participants is too low, scams are rampant, and most tokens are created not to build long-term value but merely to attract short-term money. The problem is not only with small projects but also at the highest levels of the ecosystem. Influential figures, who should serve as standards and discipline setters for the market, instead position themselves as “casino bosses.” When the core mindset is exploiting speculative behavior rather than protecting and enhancing market quality, the inevitable result is an ecosystem full of risks and lacking trust. The harsh truth is: absolute freedom, no oversight, and low awareness cannot coexist. A financial market that aims for sustainable development must have discipline, standards, and responsible participants. When the entire chain from top to bottom is dominated by scammers and gamblers, crypto can never become a new version of Nasdaq. Therefore, the current narrative exhaustion is not accidental. It is a direct consequence of the second mission demanding quality people, while this industry is not yet ready—or willing—to upgrade itself. Without a fundamental change in mindset, governance, and market ethics, crypto will remain merely a speculative tool and will never evolve into a truly mature financial system.