Crypto’s Rock ’n’ Roll Era Is Over

The article argues that cryptocurrency is concluding its 'Rock ’n’ Roll Era' as it gets absorbed into the traditional financial system, trading its anti-elite ethos for mainstream legitimacy via spot ETFs and institutional custody. This assimilation follows a historical pattern where revolutions become the establishment, prioritizing stability over initial ideals, much like rock music lost its subversive edge after becoming corporate. The author recalls crypto's early days (around 2016) as a time of idealism, privacy advocacy, and dissent against centralized powers, contrasting it with today's reality where convenience (like ETFs) has replaced self-custody responsibility. While mass adoption was the goal, it has manifested through massive institutional flows, such as TP ICAP routing volume through crypto markets, dwarfing retail sovereignty visions. Although crypto has fundamentally rewritten the logic of TradFi through primitives like programmable value and instant settlement, forcing incumbents to innovate, the movement itself has become the new order, evidenced by its central role at Davos and acceptance by major banks. The author concludes that while crypto can still express rebellion, it can no longer *be* the rebellion, as its symbols and concepts become normalized.

(Source：CoinDesk)