Haciyev Reşit 
As the cryptocurrency market continues to expand, debates about the industry’s original vision have resurfaced. Evgeny Gaevoy, founder and CEO of Wintermute, argued that the crypto industry has drifted away from Bitcoin’s cypherpunk roots and shifted toward speculation and stablecoin-focused structures rather than genuine adoption. According to Gaevoy, the ecosystem is moving away from its early ideals of financial freedom and independence, instead integrating more closely with traditional finance.
“Crypto Has Become a Price-Focused Market”
In podcast appearances and social media posts, Gaevoy stated that a “number go up” mentality—focused purely on price appreciation—now dominates the crypto market. He believes that the foundational vision that once inspired Bitcoin and early blockchain developers has been pushed into the background. According to Gaevoy, many crypto projects are shaped around short-term gains, meme trends, and speculation, which he argues is crowding out long-term innovation. In his view, this transformation has shifted crypto from a financial revolution into a largely speculative marketplace.
He emphasized that Bitcoin’s original purpose was to offer a decentralized and freedom-oriented alternative to state-controlled monetary systems. However, parts of today’s crypto sector appear to be moving in the opposite direction. Citing the rapid adoption of stablecoins as an example, Gaevoy argued that these assets often reinforce the dominance of the U.S. dollar rather than weakening the existing financial system. Instead of building a parallel financial infrastructure, crypto may be gradually merging with traditional finance—something he sees as a philosophical departure from its original mission.
Is Real-World Adoption Still Limited?
Gaevoy noted that despite the massive market capitalization and technical progress of major blockchain networks like Ethereum and Solana, real-world usage remains relatively limited. Billions of dollars locked in DeFi protocols mostly circulate within the crypto ecosystem itself rather than directly impacting the broader traditional economy. In his assessment, while the industry has grown internally, its integration with the global economic system is progressing more slowly than expected. Although tokenized bonds, blockchain-based money markets, and institutional pilot projects are increasing, Gaevoy stressed that these developments still represent only a small fraction of the global financial system.
Even as banks and financial institutions experiment with blockchain technology, most daily economic activity continues to rely on traditional financial infrastructure. According to Gaevoy, there remains a significant gap between crypto’s transformative vision and its tangible economic impact. Broader real-world applications are needed for true large-scale adoption.
The Risk of Full Integration with Traditional Finance
The Wintermute CEO also warned that a complete merger between crypto and traditional finance could weaken the sector’s core values. While growing interest from Wall Street and institutional capital is widely seen as positive, Gaevoy cautioned that this convergence may overshadow ideals such as decentralization and financial independence. At the same time, he noted that Wintermute operates across both centralized and decentralized platforms, positioning itself for multiple possible futures. He argued that the sector should evolve without becoming locked into a single dominant model. Gaevoy’s remarks have reignited an important debate about the direction and fundamental purpose of the cryptocurrency industry. As the market continues to grow and institutional integration deepens, the balance between crypto’s founding ideals and market realities is likely to become even more critical in the years ahead.
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