Written by: Ignas, DeFi Research

Translated by: Glendon, Techub News

It is surprising how little impact cryptocurrency has on our lives outside the crypto community.

Unless you actively engage with the crypto world, your daily life can be almost completely insulated from it—you can still go to work, shop, binge-watch shows, while blockchain technology lurks like a deep-sea current beneath the surface world.

However, the problem is that when events involving "minimal exposure to cryptocurrency" occur, the public almost always receives a targeted feed of negative imagery. Imagine a scenario like this:

You see a character set up as a "crypto scam KOL" in the second season of the Netflix hit show "Squid Game." The writers label him as someone who can't go a minute without checking coin prices and insists on getting his phone back, exhibiting an almost pathological paranoia—but I must admit, this portrayal resonates with me.

And when you browse news feeds, you see the following (all negative) headlines:

• North Korean hackers steal $1.5 billion: the largest heist in cryptocurrency history

• Trump issues Meme coin and faces ridicule, crypto community angrily denounces "presidential Rug Pull"

• Bitcoin scam causes a woman to lose £154,000

• Crypto trader "MistaFuccYou" commits suicide during a live stream

Fraud, pyramid schemes, pump and dump… all the financial crime scripts you can think of can be found in this industry. This reflects a harsh reality: society's perception of cryptocurrency is being torn apart by two extreme narratives. Within the crypto community, we talk about the "blockchain revolution" and "decentralized finance paradigm shift"; but outside, media coverage has long been dominated by negative events like fraud and pyramid schemes.

The public image of cryptocurrency can be said to be quite poor. But to be fair, even we "crypto natives" know full well that this space is indeed filled with all kinds of garbage.

At the same time, we also understand why we remain here: we want to get rich while disrupting the outdated traditional financial system. Yes, the "get rich quick" label is one of the reasons why crypto natives are often unpopular, but who can deny this fact? After all, investors in any field desire to make big money.

And cryptocurrency remains one of the few industries where ordinary people can start from scratch. In today's economic environment, it is very difficult to get rich slowly relying on a salary. Generation Z has realized this, and thus (quietly) exited the job market, knowing only they understand what cryptocurrency can bring to their lives…

Unfortunately, our industry has performed quite poorly in conveying its core mission, explaining the necessity of cryptocurrency, and clarifying that "making money with cryptocurrency is not a sin." A highly upvoted comment under a Financial Times article accurately summarizes the general mindset of skeptics: "The intrinsic value of Bitcoin is zero, and the computing power consumed is increasing the burden of global electricity production and carbon emissions."

Skeptics even claim, "Cryptocurrency is the 21st century's alchemy—turning electricity into speculative bubbles, packaging greed as technological innovation."

If you've seen posts on Reddit, you know how much ordinary people dislike cryptocurrency, but I hope to see more constructive narratives about cryptocurrency and technology in mainstream media.

Objectively speaking, the Financial Times has always viewed the crypto industry through a skeptical lens, but Bloomberg's reporting has improved over the years—they have started to introduce real industry insights. Ironically, a seemingly harmless recent Bloomberg article titled "Meet America's Top Seven Personal Finance Influencers" included a certain crypto KOL who mainly focuses on Memecoins and promotes his Memecoin Telegram group.

People Hate Cryptocurrency

Since this is a "research-based" article, let's use some key data to understand the public's negative sentiment towards cryptocurrency. Multiple surveys show that non-crypto investors generally view cryptocurrency as a high-risk speculative tool rather than a legitimate financial asset.

According to the "FSCS Consumer Research: Attitudes Towards Investing in Cryptocurrency" report, 64% of surveyed consumers who understand cryptocurrency believe that "investing in crypto assets is essentially gambling."

A 2024 survey by the Pew Research Center found that 75% of Americans do not trust the reliability and security of cryptocurrency, primarily due to frequent scams and extreme market volatility.

In the 2023 Edelman Global Trust Barometer, cryptocurrency ranked the lowest in trust across all demographic dimensions, far below the traditional banking system we claim to be reforming—this is undoubtedly a fatal blow to the "decentralized finance revolution" narrative.

Indeed, the collapse of FTX in 2023 severely damaged the reputation of the cryptocurrency industry, but the recent frenzy over Memecoins has also intensified public aversion.

Consensys' 2024 report indicates that the narrative of cryptocurrency as "the future of money" is declining. The mention rates of negative labels such as speculation, fraud, phishing, crime, and money laundering have equaled the perception of cryptocurrency as "an alternative to traditional finance."

The conclusion is clear: outside the crypto community, people generally question whether digital assets can become a safe financial tool.

While writing this article, I happened to see a tweet that perfectly encapsulates public sentiment: "I would absolutely pray for the collapse of cryptocurrency."

Why Crypto Cultural Narratives Are So Important

Although the public image of cryptocurrency is not good, more and more people are starting to try to engage with cryptocurrency. I believe that as the perception of cryptocurrency continues to improve, the crypto industry can potentially attract millions of new members.

Therefore, we should and must do better. The original intention of cryptocurrency is to build a decentralized financial system: "In this system, individuals can fully control their assets without interference from intermediaries like banks or governments. It aims to create a borderless, uncensorable, trust-minimized ecosystem where anyone can trade, store value, and build an economic system without relying on centralized institutions."

However, this vision is being drowned out by the noise of Memecoins and speculative frenzy.

Worse still, the public no longer sees cryptocurrency as a tool for revolutionizing the financial system. As a controversial post stated: "The Bitcoin ecosystem has become indistinguishable from the traditional finance you once despised—money and power are concentrated in the hands of a few whales, who extract wealth from financially desperate individuals through contract leverage and project presales."

Additionally, cryptocurrency faces a politicization crisis, as Trump's high-profile embrace of cryptocurrency has brought new risks—among non-supporters, cryptocurrency is being labeled with the "MAGA movement" (Make America Great Again). Unsurprisingly, this political inclination has quickly raised international alarms, with the EU viewing Trump's support for cryptocurrency as a threat to European monetary sovereignty.

Of course, there is a silver lining; halting the previous U.S. government's regulatory crackdown on cryptocurrency is undoubtedly a significant boon for the industry. But it must be acknowledged that the current cryptocurrency industry is walking a tightrope under the influence of Trump's policies.

How to Change People's Perception of Cryptocurrency

The reputation of cryptocurrency will not self-repair; to achieve mainstream adoption, we must actively reshape the narrative framework—this is no easy task, and change must start from within the industry: because even crypto natives are beginning to lose faith in the industry.

To this end, we need to focus on three key directions.

Make Cryptocurrency Great Again

In past cycles, newcomers to the cryptocurrency market could profit by participating in early projects. However, the rampant issuance of Meme coins by the Memecoin group and low liquidity, high FDV projects supported by venture capital (VC) have left new entrants at a disadvantage.

While we have successfully resisted low liquidity projects in this cycle, we have fallen into the collective madness of Memecoins. Projects like Legion and Echo attempt to adopt fairer financing models, but their entry barriers still keep ordinary investors out.

Therefore, the industry needs to create and promote ecological rules that can generate real value (rather than destroy value), allowing early participants to share in the growth dividends. Kyle's market reconstruction plan based on "first principles" is worth referencing.

However, due to the prevalence of short-termism, the rampant culture of extraction, and the loss of integrity, we have fallen into an eternal cycle of financial nihilism—when everyone is chasing scam coins with the mindset of "I can escape before the scammer runs away," the emergence of this phenomenon is to some extent already predetermined.

In this regard, we must supervise bad actors. The industry needs to take more measures to expose scams and hold influential figures accountable for misleading promotions. On-chain detective ZachXBT has done this, but the level of crime is no longer something an individual can control. As practitioners, we also need to distance ourselves from value extraction behaviors, and investors should genuinely make money while expanding the cryptocurrency market. After all, when newcomers are continuously harvested or even go bankrupt, the industry will ultimately lose its future.

Shifting the Narrative from Speculative Frenzy to Practical Value

Cryptocurrency is by no means a digital casino—it can also create real-world value.

Therefore, what we really need to focus on are use cases like cross-border remittances, financial inclusion, and transparent governance, rather than Memecoin culture.

At the same time, the DeFi ecosystem is continuously expanding, and new social networks are emerging with innovative profit models, such as Lens, Abstract, and Farcaster. Most importantly, the widespread adoption of stablecoins and RWA (real-world assets) helps preserve and increase wealth rather than destroy it.

However, cryptocurrency KOLs on platform X may be indifferent to these developments—yet we need to clarify that crypto Twitter is merely the tip of the iceberg of a broader crypto industry culture.

On the other hand, Bitcoin's advantage lies in gradually solidifying its status as "digital gold," but public chains like Ethereum and Solana are still viewed as speculative tools rather than foundational platforms for an open digital economy.

If we must define the output of crypto culture, I believe IPs like Pudgy Penguins will penetrate Web2 rather than reverse-introduce memes like Doge and Pepe from Web2— the latter is accelerating the infantilization of the industry.

Redefining the Narrative Sovereignty of Bitcoin and Ethereum

Cryptocurrency culture is not monolithic; it encompasses various subcultures, the most notable being "Bitcoin minimalism" and "Ethereum's diverse ecosystem."

"Bitcoin is becoming the financial system it was supposed to destroy"—this rhetoric outrages me. Only those who store Bitcoin in cold wallets can truly understand the peace of mind that comes from "self-custody and detachment from the system."

ETFs are undoubtedly a good thing for our wallets, but they are also a double-edged sword, preventing ETF buyers from experiencing the freedom that self-custody brings.

More importantly, we need to be wary of the association between Bitcoin and the MAGA movement; Bitcoin is global and should remain absolutely neutral.

This is also one reason I like Ethereum. Although many critics accuse the Ethereum Foundation of failing to engage with the Trump team, in the long run, this will prove to be a successful strategy.

In this era of privacy erosion, AI blurring reality, and unprotected digital ownership, Ethereum, with its trustworthy neutrality, depoliticization, decentralization, and global nature, offers not only a technical solution but also a refuge for value.

Unfortunately, people outside the cryptocurrency field do not understand this, so it is the job of practitioners to disseminate this information and create products that truly showcase Ethereum's value.

Optimistic Outlook: The Path to Value Return in the Crypto Industry

As of the writing of this article, CoinMarketCap data shows that the total market capitalization of cryptocurrency is approximately $2.7 trillion, but does this report card withstand the test of value?

Since Vitalik published this post in 2017, cryptocurrency has changed; although speculation and zero-sum games still exist, the industry has also nurtured a core of real value.

As I mentioned in a post, there are 1.4 billion people globally without bank accounts. Even in the United States, this ratio is only 4.5%. Research by the Federal Reserve found that high-income individuals view cryptocurrency as an investment but use it for transactions to a lesser extent. Among those who use cryptocurrency for transactions, 60% have incomes below $50,000, and 13% do not have bank accounts.

Additionally, Venezuela ranked 40th in the 2023 Chainalysis cryptocurrency adoption index, with stablecoins becoming a lifeline against hyperinflation. This is similar to Argentina, where the depreciation of the national currency has led to a surge in stablecoin purchases—this is a hallmark of widespread cryptocurrency adoption.

In addition to resisting inflation, cryptocurrency is also used to combat oppressive regimes. For example, during the COVID-19 pandemic, cryptocurrency was used to directly aid doctors and nurses in Venezuela without interference from the corrupt regime; at the onset of the war, Ukraine raised $225 million in cryptocurrency donations, among others.

As DeFi TVL rebounds to $88 billion, DEXs are gradually challenging CEXs, and Maker and other companies are also bringing RWA on-chain.

It is worth mentioning that the adoption rate of non-speculative decentralized social applications is continuously increasing, with daily active users of Farcaster and Polymarket exceeding 10,000, and the number is still growing. We now have truly usable DApps, but these advancements seem to have disappeared from the timeline on X, and we must admit that we have not done well in terms of dissemination.

Nevertheless, the current market is undergoing a value cleansing; the downturn is not necessarily a bad thing, as it will help the industry recover and continue to progress. As the old saying goes, the cold winter will eventually pass, and when speculators leave, the true builders will remain and will showcase the positive side of cryptocurrency.

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