Note: This article does not constitute financial advice. The ideas shared are exploratory and based on ongoing research and interest in the space.
I came into the blockchain space at the end of 2021, when the ICO boom had already swept across the crypto world. The first cryptocurrency that caught my attention was Cardano (ADA). The choice was simple — I picked something from the top ten, right in the middle. I bought the token to get experience using an exchange and because it gave the chance to hold an asset issued on a blockchain, possibly to influence the development of a new chapter of the internet. Now I wonder why I didn’t choose Bitcoin first. I find a simple answer — don’t trust the top, take the average.
In spring 2022, the market started to fall, and I, who had never seen real market growth with my own eyes, entered it fully impressed by its potential. At that time, I was actively promoting a multichain exchange service and its integration into third-party platforms.
It was going fairly well, even though overall activity was declining and the prices of recently top assets were visibly dropping. Panic about the future of the crypto market was growing. Bitcoin and other coins from the top ten were slowly being dumped, with people referring to the instability of the financial system and a preference to invest in something familiar rather than magic internet money. My Cardano tokens also lost value.
Users started posting their assumptions: “The bear market will last until 2024-2025,” “That was the last cycle, the market won’t recover,” “In six months everything will be back to previous levels”…
Global economy’s personal take
At that point I thought: forecasts are unreliable. If you’re doing something you enjoy, there’s no need to worry about the future. Everything else is just background noise from the crowd.
Personally, I’ve always been interested in the international angle, especially where it intersects with politics. As a holder of a master’s degree in international relations from one of the world’s top universities, I had no doubt about the bright future of digital money. It had already entered the economy and was simply waiting for the next act.
It was never about winter or summer, it was about going deeper, understanding the topic, and exploring the potential.
A clear indicator of the topic’s importance wasn’t the price trajectory of crypto assets, but the attention that blockchain technology started receiving from the younger generation.
At the same time, I noticed Bitcoin was mentioned in conversations more often than others. There was ETH, still running on Proof of Work back then, BNB, MATIC, AVAX, some people highlighted the importance of DOGE. Stablecoins like USDC and USDT were also in the very room. SOL was rarely mentioned, mostly as a joke. No FOMO feelings expressed here.
It’s been almost four years since I entered the world of blockchain, and one thought remains the same as on day one — we’re still at the beginning point.
US takes a piece of digital economy cake
Government institutions were watching the rise of crypto and the growing interest from investors and businesses in using blockchain. Their approach was to respond to incoming questions and clarify how existing rules might apply to new challenges. On their own, regulators didn’t take much initiative to create clear or friendly conditions where entrepreneurs could benefit or at least legally use crypto for business purposes.
This lack of positive action became part of Donald Trump’s campaign agenda. The Democrats’ major oversight was used against them. The gap was spotted and turned into an effective tool to attract the right voters.
The first six months of his presidency were productive, resulting in the passing and signing of the GENIUS Act in the United States.
This is the first law in a major economy that regulates stablecoins backed by fiat money as part of blockchain systems.
The stablecoin market has reached nearly 250 billion dollars, and the US can no longer stay on the sidelines. Clear rules are needed to protect users, ensure security, and support responsible innovation. The GENIUS Act is an important step forward.
U.S. Sen. Mark R. Warner, May 2025.
Money makes more money (especially digital)
For the folks, the GENIUS Act means more opportunities, new businesses, and use cases where blockchain becomes the base for instant money transfers, low-cost network interactions, and transparent transaction records.
At the same time, crypto evangelists believe the idea of decentralization and creating a new form of money has faded away. It took the state economy 15 years to squeeze into what originally pushed it to consider reforms.
It is not a news that the idea of Bitcoin itself sounds utopian under a state system. It is clearly economically beneficial for reserve backing, portfolio diversification, and as an alternative payment and exchange system. Yet, by merging with the state, it becomes stronger than ever before. It is not weakened; it takes on a new form. Through the dollars, which Bitcoin was supposed to fight, it becomes more powerful while losing its sovereignty in some sense.
Washington bet on the stream of funds and the use of their national currency on the blockchain, making agreements with stablecoin issuers to operate fully legally within the US, plus wider. Under the previous administration, web3 entrepreneurs preferred registering their businesses in jurisdictions with smaller state budgets than the US, without fearing prosecution for innovations. They were strangled by bans, lawsuits, and accusations.
Today, crypto-oriented businesses born in the US are returning home to develop on familiar grounds, while the state maps out new tax revenues and prestige. This also serves as an incentive to attract businesses from other countries where regulators have not yet opened their arms as widely to crypto. A calculated move by the authorities.
Non-governmental money, led by Bitcoin, is now being pushed aside by government-approved crypto dollars. The latter openly compete for use against tokens that can be launched with literally just a few clicks on specialized launchpad platforms.
Not sure how it will affect the ICOs and airdrops future.
Rewards for activity or early participation could become partially taxable. With control gained, the government reached into people’s pockets, welcoming a new source of funds not directly issued by itself, and the market entered an expansion phase. Confiscations and interactions with custodians will be simplified, while the market is guaranteed a wave of liquidity for years ahead.
America is starting process, Trump is keeping his promises, pushing the economy forward. He promotes the dollar, not Bitcoin, though he is forced to mention Bitcoin. The dollar remains the main back up, and users prefer it because it is familiar to handle. The market’s image is forming in new conditions.
Which government will be next to announce its entry into crypto? The emerging creator economy, in which every blockchain user can participate, will inevitably become a subject of study for economists and tax authorities of many governments. Hopefully, future legislation won’t have such marketing-driven names.
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