Source: Cointelegraph
Original: “In the Next Four Years, Let’s Avoid a Bull Market”
Author: Adam Silver, Co-founder and CEO of Plural Energy
Last month, the new government took office in Washington, promising to re-examine outdated cryptocurrency regulatory policies. Although the "crypto czar" and the new chair of the SEC are still adjusting to their roles, a radical deregulatory trend has already gained industry support ahead of November 2024.
With Bitcoin reaching an all-time high, it is not surprising that mainstream media frequently reports on the influx of corporate funds into the crypto space, and the industry cheers President Trump’s promise to create a crypto-friendly regulatory era. However, as industry practitioners, we must consider a key question: Should meme coins define our industry? Or should we build a new financial system that can drive transformative changes in the pillars of the U.S. economy?
Getting to the Essence
A bull market is coming, but it doesn’t have to be a "bubble bull market"—especially for those expecting institutional investors to enter. The biggest historical challenge in attracting new users, assets, and applications has always been how to demonstrate the real value of blockchain beyond the headlines to the public. Traditional media often portrays the crypto world as an out-of-control libertarian fantasy—filled with scams, memes, and fraud. Every news story about exit scams, hacking attacks, and lawsuits adds bricks to the high walls of skepticism that real-world asset entrepreneurs must overcome.
When entrepreneurs struggle to convince traditional industries to migrate real asset use cases on-chain, PR firms attempt to reshape perceptions through language: saying "blockchain" instead of "cryptocurrency"; calling it "digital equity" rather than "tokens"; using "on-chain" instead of "DeFi"; and tirelessly emphasizing "smart contracts." But this is not merely a public relations issue; it is a systemic problem that undermines the credibility of the technology driving industry transformation.
The Question of Use Cases
When on-chain transaction volume mainly comes from meme coins, the proposition of "use cases" becomes increasingly complex. Nearly 13 million meme coins born in 2024 created a market cap of $120 billion. This digital game is certainly entertaining when prices rise, but ultimately, most investors struggle to avoid losses. Even the volatility of well-known meme coins is 50 times that of Bitcoin. It is estimated that 30% of meme coins are essentially premeditated exit scams, and these losses are often borne by new users, creating a vicious cycle—when newcomers encounter scams upon entering the chain, it only confirms the worst predictions of all crypto skeptics.
While meme coins and NFTs do hold a place in the ecosystem, cultural assets will always be part of investment portfolios. However, the true value of blockchain lies not in a windowless casino built by code, but in the sunlit real world. Solving systemic problems in energy, healthcare, infrastructure, and other fields through financial democratization and increased transparency is the vast potential of this technology.
Assessing the Situation
Political polarization may exacerbate existing challenges. Browsing post-election social media discussion threads reveals that an increasingly polarized public opinion is forming an echo chamber in the industry, alienating a large number of potential users. Certain opinion leaders have been mocking peers who support the Harris-Walz campaign team throughout the fall, and this deliberate creation of opposition is weakening the universal appeal of the industry. When crypto technology becomes a political football, the entire industry will fall into crisis.
Path to Resolution
Changing the industry's reputation is undoubtedly difficult, but builders must prove to new users and the outside world that a bull market does not have to be a "low-quality bubble market." We need to create use cases that allow technology to demonstrate its value, showcasing the true gems of the crypto space—DeFi. The results of years of cultivation in the decentralized finance ecosystem can now empower real economy sectors to access capital and financial products without expensive intermediaries. When new users receive returns from understandable products, they will stay, invest more, and innovate alongside blockchain natives.
In the development process, we must be wary of the industry being represented by casino culture or extreme voices. We must embrace crypto-friendly policies while avoiding the application of technology becoming a tool for partisan conflict. When blockchain achieves mainstream adoption, it must genuinely represent and serve everyone.
In other words, why not have a real bull market without the "bubble" this time? We will ultimately prevail.
Author Bio: Adam Silver is the co-founder and CEO of Plural Energy, a clean energy on-chain investment platform. He previously served as the head of financial automation products at ServiceNow, a digital consulting advisor at Deloitte, and participated as a startup mentor in early financing for several companies. He has an educational background from the University of Chicago Booth School of Business and the University of Pennsylvania.
Related: Artificial Intelligence (AI) agents and blockchain are redefining the digital economy
This article is for informational purposes only and does not constitute legal or investment advice. The views expressed are solely those of the author and do not reflect the views of Cointelegraph.
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