CoinShares CEO: Crypto's Next Phase Focuses on Utility Over Price Action
CoinShares argues that the next phase of cryptocurrency will prioritize utility and real-world use at scale rather than speculative price action. By 2025, digital assets are expected to be integrated into the traditional economy, strengthening core financial infrastructure.
Progress will focus on practical integrations and tangible use cases instead of speculative narratives. Examples mentioned include Chainlink's role in linking networks to benchmark data, consumer prediction markets like Polymarket and Kalshi reaching product-market fit, and the growing mainstream adoption of US spot Bitcoin ETFs.
Looking ahead to 2026, the outlook emphasizes adoption over macroeconomic catalysts. App-based retail savings could compete with traditional bank deposits, while stablecoin settlement, custody, and trading will expand across payments and banking sectors.
Winners in this evolving landscape will be defined by economic function: Bitcoin as a non-sovereign asset, stablecoins serving as settlement rails, tokenized products moving towards real issuance, and decentralized finance (DeFi) increasingly integrating with traditional finance.
Regulation is seen as a key enabler for scale, particularly in the US where clearer frameworks for stablecoins and tokenized assets are emerging. Europe is encouraged to pursue pragmatic regulation to attract institutional capital.
Despite expected cycles featuring micro-bubbles and some project failures, the crypto industry is moving toward utility, cash flow, and real-economy consolidation by 2026.
