Source: cryptoslate

Translation: Blockchain Knight

Do you remember the days when the cryptocurrency Twitter sphere felt like sitting in the front row of a blockbuster movie?

The market was like an out-of-control roller coaster, narratives flipped as frequently as pancakes, and every week was filled with Hollywood-level tension and excitement.

But where has all that gone now?

If you still long for those "explosive K-lines" and the days when Bitcoin surged 20% in a single day, Nic Carter wants to make you smile through tears: the reason cryptocurrency is boring now is that we won.

From the collapse of major exchanges to Eastern bans, from Elon Musk's tweets driving prices up to the COVID-19 black swan event, the development path of the crypto industry has been tumultuous.

Jamie Dimon (CEO of JPMorgan) once denounced Bitcoin as a "scam" and threatened to fire any employee at JPMorgan involved in cryptocurrency trading.

Now, this largest bank in the world is hoarding stablecoins. Dimon even admitted: "Cryptocurrency is real, and stablecoins are real."

JPMorgan not only allows clients to use Bitcoin and Ethereum as collateral for loans but has also launched its own blockchain infrastructure.

Have those crazy days really gone forever? Has cryptocurrency truly become boring? Should we be looking for new asset classes to seek excitement?

It turns out that Gandhi's famous quote, "First they ignore you, then they laugh at you, then they fight you, and then you win," may be more fitting for the trajectory of cryptocurrency than anyone imagined.

The core of this shift in atmosphere, as Nic Carter stated in a post on X platform, is that the reason for reduced volatility is that we won.

He stated: "Cryptocurrency is boring because too many unresolved questions have been answered."

Speculations about whether stablecoins would be banned or whether writing smart contracts could lead to imprisonment have long become a thing of the past.

The extreme volatility of "getting rich in the morning and going bankrupt in the afternoon" stemmed from a lack of regulatory clarity; no one knew when the rules would suddenly change.

Now, the "Stablecoin Regulatory Act" has clarified the regulatory rules for stablecoins, and the "Crypto Asset Classification Act" has delineated clear boundaries between securities and non-securities.

Even the combination of cryptocurrency and traditional finance has shifted from a "hot topic filled with risk premiums" to a "historical footnote."

When "holding U.S. Treasury bonds on-chain" becomes a routine business operation, and BlackRock's cryptocurrency exchange-traded products (ETFs) no longer spark controversy, volatility naturally decreases, and cryptocurrency becomes "boring."

Despite the price movements being calm, many people feel that the once "wild opportunities" now resemble "a playground turned into a parking lot."

Bitcoin analyst Will Clemente commented: "To be honest, the atmosphere in the cryptocurrency chat group I'm in is too oppressive; many people have either completely given up and turned to other asset classes or are preparing to do so."

But Clemente does not lament this. In his view, regulatory clarity, Wall Street's entry, and the dullness of stability are all proof that cryptocurrency has "won."

The entire industry has matured: the once "technological risk carnival" has now become the "technological foundation" adopted by global giants. The new rules of the game are no longer about "finding legal loopholes," but about "creating truly valuable products in the sunlight."

Wall Street has not only joined this party but has also taken direct control of the narrative.

BlackRock, JPMorgan, and even Dimon's attitude shift have all become classic stories in the cryptocurrency circle.

The transition of established powers from "deniers" to "builders" has ended an old playbook that was "chaos-driven and rewarded 'speculators.'"

Now, cryptocurrency is indeed boring. The rigor of traditional finance has brought real capital, reliable custody, and improved infrastructure.

The legendary "Wild West" is being replaced by compliance teams, pension allocators, and cautious bankers.

All of this is good, but some of us still miss those once "outlaw" like fervent times. This "history of cryptocurrency development" always feels strangely familiar.

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